Tough New Year at Instinet
Traders Magazine, December 2002
Instinet began this year as a much leaner organization as a result of some 300 job cuts. Instinet, which merged with the Island ECN last year, has eliminated some 17 percent of the merged business. Instinet's chief executive, who had been on a worldwide tour of the company, said the layoffs are part of a plan to cut $100 million of costs over the next year. "These cost reductions are part of a previously announced plan to eliminate redundant positions within the Instinet-Island combination, to reduce overhead to reflect current market conditions and to bring greater efficiency to the company as a whole," Instinet CEO Ed Nicoll said.
All TradersMagazine.com articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, online technology directory, the iPad App, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and trading strategies.