Home » General World News » Wall Street trading giant Virtu cut staff by half and laid in to a $1.4 billion acquisition — now it can’t wait for market chaos (VIRT)

Wall Street trading giant Virtu cut staff by half and laid in to a $1.4 billion acquisition — now it can’t wait for market chaos (VIRT)





Virtu trader

  • Virtu Financial, which completed its acquisition of KCG Holdings in July, announced its first joint results Tuesday and the stock popped as much as 18%.
  • During an earnings call, Virtu CEO Doug Cifu said the firm brought its headcount down from a combined 1,250 between the two firms to 648. He also suggested that KCG had been poorly run.
  • Cifu said the merger is going better than expected.

The writing was on the wall from the beginning.

When Virtu Financial — which had grown to become one of the largest high-speed trading firms in less than a decade — acquired rival read more >>>

Source:: BusinessInsider.Com

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