Belzberg cuts 20 jobs in reorganization of Canadian and U.S. operations

Mon, 01/18/2010 - 2:01pm
The Associated Press

Belzberg Technologies Inc. (TSX:BLZ) said Monday it has cut 20 positions since the third quarter of last year including the position of chief operating officer as part of a reorganization of its operations.

The stock trading technology company said the cuts represented 19 per cent of its staff and included workers in Toronto, New York and Chicago.

Belzberg said salaries for employees have also been frozen, while senior management including president and chief executive Judith Robertson have had their salary cut.

Chief financial officer Richard Maisel has also said he will resign effective March 31.

"Belzberg has made many important changes to serve its clients better and to improve its operations over the past year," Robertson said in a statement.

"It is time to realign the organization to further reduce costs and focus our complete attention on our return to profitability."<


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