KCG CEO: Headcount will not go above 950

Following the sale of KCG’s DMM business, CEO at KCG said he expects headcount will not go above 950 again.

Daniel Coleman, KCG’s chief executive officer, has said in its first quarter earnings call that headcount at the firm will not go back above 950.

KCG’s first quarter results revealed it has reduced its full-time employment headcount from 1,006 in Q4 2015, to 972 in the first quarter this year.    

The headcount number will be reduced again to 950, following the closure of the sale of its designated market-making (DMM) business.

Coleman explained in the earnings call the market-making firm is “focused on headcount with respect to making sure we have the right heads in the right places in the right processes.”

He said: “We're not trying to move heads out just to move heads out, but I do think there's more room to become a more efficient firm.

“So I don't expect that headcount to go back above 950.”

The streamlining of KCG’s business as part of its cost-cutting regime is going well, Coleman said.

He added: “We've also made substantial progress in streamlining processes that support our businesses in areas like finance, human resources, and operations.”

KCG had a strong first quarter this year, boasting a 7% increase in its overall trading revenues in Q1 this year, compared to Q1 last year.