Getco LLC, one of Chicago's largest trading firms, last week cut about 40 employees globally, including at least one top manager, as the firm realigns its focus and operations under a new CEO, according to sources familiar with the reduction.
Among those cut was managing director Edward Boyle, 49, who was based in Chicago and had business development duties across the firm, the sources said. He had joined Getco in late 2010 from NYSE Euronext, where he had overseen that exchange company's options business.
His departure follows the exit of several other senior managers in the past year, including David Babulak, who was also a managing director; Michael Rauchman, who was the company's chief technology officer; Brian Nigito, who was a top manger in New York; and Patrick Tray, who was a trading manager for the firm in Chicago.
A Getco spokeswoman declined to comment.
Getco, a top electronic market-maker at the New York Stock Exchange that is active in 50 markets around the world, is restructuring the firm and its focus in the wake of promoting Daniel Coleman as CEO in February.
Mr. Coleman, who was previously the company's global head of equities and client services, stepped up as the company's Chicago co-founders, Stephen Schuler and Dan Tierney, stepped back. The company has said previously that it has about 400 employees.
While Mr. Schuler and Mr. Tierney still own part of the company, they started answering to an outside investor in the firm when Greenwich, Connecticut-based General Atlantic took a minority stake in 2007.
Getco is not only a market maker on the exchanges, it also own stakes in several electronic ones, including the Chicago-based Eris Exchange, Bats Exchange and NYSE Liffe U.S.
Getco was founded in 1999 and has 400 employees.
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