Knight Capital is planning to reduce 6% of its global workforce to cut costs, The Wall Street Journal reports. The electronic trader had 1,465 full-time employees, including 180 employees of subsidiary Urban Financial, as of June 30. The trader has also cancelled over 40 replacement hires and intends to shut its Hong Kong office, adds Reuters. The company, which is expecting to cut annual operating expenses by $40-50 million through the cost-cutting measures, also expects to take a restructuring charge of $21-27 million in its third quarter.
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