Jon Corzine Resigns From MF Global After Bankruptcy, Won’t Seek Severance
“Jon Corzine, who joined MF Global Holdings Ltd. (MF) 20 months ago to transform the futures broker into an investment bank, quit today amid regulatory probes and after the firm filed the eighth-largest bankruptcy in U.S. history.
Corzine, the former co-chief executive officer of Goldman Sachs Group Inc., quit as chairman and CEO, New York-based MF Global said today in an e-mailed statement. Corzine, 64, who was paid more than $4 million since joining the firm, won’t seek severance pay, the company said.
“I have voluntarily offered my resignation to the Board of Directors of MF Global,” Corzine said in a separate statement. “This was a difficult decision, but one that I believe is best for the firm and its stakeholders.”
His resignation came four days after the bankruptcy filing as the company’s bets on European sovereign debt rattled investors. The Commodity Futures Trading Commission is investigating $633 million in missing customer accounts. The regulator sent a subpoena seeking information about the money to MF Global’s auditor, PricewaterhouseCoopers LLP, a person briefed on the matter said yesterday, asking not to be named because the matter isn’t public.”