Despite reports to the contrary, some of the MF Global employees who got the ax last Friday are finding jobs.
According to a variety of news reports, the mass firing at the failed New York brokerage ranged from 1,066 to almost 1,600. This comes at a time when most Wall Street firms, which have been cutting headcount since the beginning of the year, may be in for another round of downsizing.
While prospects for the recently let-go MF Global bankers look grim, the Stamford Advocate reports that some Connecticut workers have found jobs with those firms that took over MF Global's client accounts.
The Connecticut paper said that Stafford Bucknall, a former MF Global manager who lives in Greenwich, had been hired by R.J. O'Brien and Associates' New York office the day before the trustee appointed by the bankruptcy court to liquidate MF Global's holdings announced the termination of the entire workforce.
MF Global had filed for a Chapter 11 reorganization and quickly converted into a liquidation after it was revealed that $600 million in client money had disappeared.
MF Global was once what's known as a futures-contract merchant or FCM which operate on major exchanges including the Chicago Mercantile Exchange (CME Group, Inc.), which said there are 12 firms that had taken over some of MF Global's accounts.
Meanwhile, R.J. O'Brien's (RJO) Web site says it welcomes former clients and brokers of MF Global. The Stamford Advocate reports that Bucknall said another MF Global worker from Fairfield was also now employed with RJO and the firm is planning to open an office in the Greenwich-Stamford, Connecticut area.
Wall Street, however, continues to shrink. Steven Eckhaus, chair of the executive employment practice at the law firm Katten Muchin Rosenman, told CNN Money that three years from now, "there will be half as many jobs as there are now."