KCG Said to Eliminate 10% of Staff, Shut Two Offices in Asia
- Electronic trading firm is exiting Singapore, Mumbai
- Will stop trading FX for clients, pare back in European ETFs
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Trading firm KCG Holdings Inc., which Virtu Financial Inc. is buying for more than $1.3 billion, is eliminating 10 percent of its staff and shutting offices in Singapore and Mumbai, according to a person familiar with the matter.
The company also will also stop trading currencies for clients and withdraw almost entirely from making markets in European exchange-traded funds, according to the person, who asked not to be identified discussing a private matter. KCG will cut about 100 jobs by the end of this week, the person said. Sophie Sohn, a spokeswoman for New York-based KCG, declined to comment.