Report - Top firm staff said worried about takeover

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Dozens of top desk heads and producers have expressed their concern to management in recent months.

The Financial Times reports that more than 100 senior employees at GFI Group, the US interdealer broker, are seeking changes to their contracts that would allow them to leave the company if a hostile takeover bid by rival BGC Partners is successful.

Dozens of the GFI’s top desk heads and producers have expressed their concern to management in recent months about a BGC purchase, said two people familiar with the situation.

Many are worried about working within BGC’s corporate culture, which incentivises employees via a partnership structure unique in the industry and could lead to bonus cuts.

GFI management has agreed a cash and shares deal worth $5.25 a share with CME Group to sell itself to the US futures exchange, which will then offload the broking business to a management-led consortium.

Hit the link below to access the complete Financial Times article:

Top GFI staff seek exit clause if rival BGC bid succeeds

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