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Monday, February 4, 2013

Knight Capital Group to cut workforce by 5 pct, (NYSE: KCG)

Knight Capital Group, which recently agreed to be bought for $1.4 billion by Getco Holding Co, will lay off 5 percent of its global workforce as part of efforts to restructure the automated trading firm, according to a regulatory filing released on Monday.Knight said it expects to incur a pretax charge between $9 million and $11 million in the first quarter as a result of combining its voice and electronic sales teams and winding down its correspondent clearing operations. It expects additional costs related to the winding down of the correspondent clearing unit, but said the costs could not be immediately determined.A spokesman for Knight said the company had no comment beyond the filing.Knight had 1,524 full-time employees as of year-end, up from 1,423 a year earlier, mainly due to an acquisition but also from growth in its reverse mortgage origination business and in market making - matching purchase and sell orders in stocks and options.

Knight Capital Group, Inc. is a United States-based company that provides financial services. Shares of KCG fell by 1.08% or $-0.04/share to $3.68. In the past year, the shares have traded as low as $2.24 and as high as $13.54. On average, 4204360 shares of KCG exchange hands on a given day and today's volume is recorded at 654599.