MF Global closes Canadian offices
TORONTO (Reuters) - Bermuda-based futures and options broker MF Global Ltd, which saw its stock slammed last year by the global financial crisis, has closed its three Western Canadian offices, a company spokeswoman confirmed yesterday.
The spokeswoman would not disclose how many jobs were cut, but said that staff were notified last week and that the closings took effect Monday. MF Global's Canadian website said the firm had 26 brokers in the three offices: 12 in Vancouver, eight in Calgary and six in Winnipeg.
"By closing our offices in Western Canada, we'll be able to more strategically focus our efforts around the major financial centres," MF Global spokeswoman Tiffany Galvin told Reuters.
The brokerage, which did not put out an official statement on the closures, still has offices in Toronto and Montreal.
Galvin said the firm remains committed to capitalising on growth opportunities and that Canada remains an important market.
Shares of MF Global lost more than 93 percent of their value in 2008 as it was hit by a rogue-trading incident and liquidity concerns.
