Instinet to Cut 185 While Stemming Losses
VENDOR UPDATE
NEW YORK--As expected, officials at the electronic trading venue Instinet announced as part of their earnings news last week that they will eliminate 185 jobs, or 15 percent of the workforce, by July of this year.
Instinet also announced a net loss of $38 million for the fourth quarter of 2003, which is down from a $112 million loss for the same quarter in 2002. Overall, the company dramatically cut its losses during the 2003 calendar year, showing a loss of $74 million versus a $735 million loss
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