The court-appointed lawyer acting as the receiver for Sir Allen Stanford’s assets and businesses on Friday told 1,000 of the US-based employees that their jobs had been terminated.

These job cuts represent about 85 per cent of the Stanford Financial Group’s US employees, according to a statement issued by Ralph Janvey:

Stanford Financial Group and its affiliates are permanently reducing their workforce at certain U.S. facilities and locations, and the Receiver expects that most of Stanford’s businesses and operations will be discontinued or wound down. A small number of U.S. employees will be retained to assist with the process of winding down operations and settling the receivership estate. Most of these are employed at Stanford’s Houston headquarters. 

Employees will not receive any severance compensation or bonus,  Mr Janvey said.Stanford’s US employees have not been paid since Janvey took over operations on February 17.

This entry was posted by Stacy-Marie Ishmael on Monday, March 9th, 2009 at 13:42 and is filed under Capital markets. Tagged with Sir Allen Stanford, stanford financial group. Edit this entry.