Instinet Cuts Staff, Costs In Wake of SuperMontage
VENDOR UPDATE
NEW YORK--In announcing layoffs and other cost-cutting efforts last week, New York-based Instinet took great strides in making itself a leaner organization just as Nasdaq’s SuperMontage is beginning to pose a greater threat to the pioneering ECN, say industry analysts.
In the wake of its merger, finalized Sept. 20, Instinet has embarked upon a $100 million operating costs reduction plan that will be annualized throughout 2003. An immediate outcome of that effort will be cuts in full-time staff
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