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2 Wall Street trade firms just announced a big deal, and employees should substantially be worried


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Virtu Financial, the high-speed trade firm, just
announced a understanding to 
acquire
KCG Holdings in an all cash transaction understanding for $1.4
billion

Virtu CEO Doug Cifu pronounced that “KCG fits ideally with
Virtu’s vital priorities,” and pronounced there would be
“significant value origination by synergies.” That could put
employees at the two companies on edge.

Virtu pronounced in a display that it has identified $208 million
of net cost assets in the deal, $180 million of which would be
achieved in the area of “occupancy, beyond and redundancies.”

Virtu pronounced in the display that it would confederate center and
back bureau and support functions, and
corporate, regulatory, and correspondence departments. In
other words, there are pursuit cuts on the way. Virtu currently
employs 148 people while KCG employs 952.

Virtu CEO Cifu had this to contend on the theme (emphasis ours):

“KCG fits ideally with Virtu’s vital priorities to apply
the marketplace making and technological imagination to customer
indiscriminate sequence upsurge and enhance Virtu’s flourishing group execution
business by charity clients a multiple of Virtu and KCG’s
higher algorithms and exclusive analytical
tools.  In addition, there is evident event for
income expansion and significant cost
saving
.” 

Virtu is awaiting the understanding to close during the third entertain of
this year after receiving both regulatory and KCG
shareholder approval.

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