Instinet has announced plans to cut an additional 175 staff, or 12% of its workforce, in a bid to reduce costs by $20 million annually.
News of the latest round of lay-offs by the troubled electronic brokerage was released late Friday. The cuts, resulting from attrition and the elimination of positions, will occur across the group's operations, both in the US and internationally.
Instinet slashed 300 jobs, or 17% of the workforce, in the fourth quarter as part of a $100 million cost reduction target. The latest cuts are in addition to those previously announced.
Ed Nicholl, Instinet CEO comments: "Today's reduction is part of Instinet's ongoing commitment to produce a leaner and more efficient company."
Shares in Instinet parent group Reuters dropped 6.6% as the news broke in the UK this morning.