Instinet Doubles Savings Target, Warns of Q1 Loss
TRANSACTION SYSTEMS
NEW YORK--Instinet intends to cut its annualized operating cost structure by approximately $120 million, compared to the expense rate in the fourth quarter of 2001, doubling the $60 million target announced in its February earnings call (TTW, Feb. 18), according to documents filed with the SEC on March 27. The electronic agency broker also said it will incur a $55 million pretax restructuring charge in the first half of 2002, compared to an earlier estimate of $25 million.
In an announcement
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