Instinet Cuts 175 More Jobs to Save $20M
ORGANIZATION AND MANAGEMENT
NEW YORK--In the second quarter of 2003, Instinet will cut 175 jobs, or 11.9 percent of its 2002 year-end head count of 1,474, leaving about 1,300 employees, officials said last week.
The electronic agency broker expects to save about $20 million this year as a result of the cuts, in addition to the $100 million the company already hopes to save this year.
The cuts were across the organization and global, but no top IT or management jobs were lost, says an Instinet spokesperson. CTO Andrew Banhidi
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