Instinet Reports Q2 Earnings, Begins Staff Reductions
EARNINGS REPORT
NEW YORK--In its first earnings report since going public in May (TTW, May 21), Reuters-owned Instinet recorded net earnings of $40.7 million, a 10 percent increase over the comparable period last year. More significantly, however, the electronic agency brokerage said it would reduce its worldwide staff by approximately 240.
Instinet cited overall economic and market conditions in tandem with changes such as decimalization in the US and exchange consolidation as a major factor leading to the job
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