Instinet Drops $735M for 2002
ORGANIZATION AND STRATEGY
NEW YORK--Industry observers say that Reuters’ tight control over Instinet may be coming to an end in light of financial losses announced last week, the resignation of president Mark Nienstedt and the rise of Island’s management in taking the reins at the electronic brokerage.
The management changes are taking place against a backdrop of losses. Instinet lost $112 million, or $0.34 per share, in the fourth quarter of 2002, and a net loss of $735 million, or $2.71 per share, for the full year
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