Investment Technology Group is thinning its ranks today as several traders and other staffers are being laid off. The staff reduction is ongoing in its U.S., while it has already hit the U.K and Australia offices.
Traders Magazine was unable to learn the exact amount of staffers being let go by ITG, though an industry source provided names and locations being affected,.
An ITG spokesman declined to comment on the staff reductions.
The moves are likely due to lower trading volumes and commissions, said the source with familiarity of the staffing reductions. Cuts are expected in the San Francisco and Los Angeles technology center today as those locations begin their business day.
Among the people released, according to the source, are: long-time trading veterans Steve Bucci in Boston and Brandon McGregor in Chicago. Also, Andrew Larkin, a long time ITG trading veteran, Debbie Giordano from trade cost analysis sales, Charles Behette, from the program trading desk, Matthew Dill from the San Francisco sales office and Sara Baker from the Boston sales desk.
“I’ve heard some layoffs occurred in Australia last night and in the U.K. early this morning,” the source added.
Earlier this year, ITG alum Kurt Schliemann joined JPMorgan’s electronic trading group to run its sales effort in San Francisco. Schliemann, who spent his entire 11-year career with ITG, joined JPMorgan as a managing director.
While at ITG, Schliemann and ran its West Coast sales and trading effort since 2004. He oversaw six sales traders for ITG in San Francisco and was focused primarily on domestic equities. ITG named Chris Antipa to run West Coast sales and trading.
ITG operates in 35 markets across the Americas, Asia Pacific and the EMEA region and runs the POSIT dark pool in 27 markets worldwide.
