Gleacher & Co Fires Top Executives

Gleacher & Co has fired Chief Executive Officer Thomas J. Hughes and Chief Operating Officer John Griff a day after the struggling brokerage’s biggest shareholder took control of the board.

Bloomberg reports that the terminations are immediate, New York-based Gleacher said in a regulatory filing.

MatlinPatterson Global Advisors LLC, a private-equity firm holding a 29%, elected its own slate of directors at Gleacher's annual meeting last week following a feud with Hughes over future strategy.

Gleacher has cut staff after failing to sell itself amid losses that totaled $198.4m since 2009. The firm said last month it will shut the fixed-income business that generated most of its revenue.

Earlier this month, the company reported a wider first-quarter loss and said its prospects are 'highly uncertain'.

Hit the link below to access the complete Bloomberg article:

Gleacher Fires Chief Executive Thomas Hughes, COO John Griff

Tudor’s Jones Apologizes for Remarks on Female Traders

Highland Capital Wins Texas Ruling Ending Investor Suit

image: © C.P.Storm

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts