Middle market investment bank FBR just cut 100 jobs from their bond department, Fox Business senior correspondent Charlie Gasparino just Tweeted.
UPDATE: A source close to FBR told us the cuts are taking place across the board.
So far the cuts have been more heavily concentrated in the back-office, non-client facing positions.
The source added the bank is reducing its fixed costs by approximately 35% — which includes cutting back staff levels.
Another source close to the firm told us what’s been going down at FBR is a “bloodbath.”
That source also said FBR is planning axe around 35% of its staff.
CNBC, citing an internal memo, reported that since FBR has struggled to remain profitable they are planning to cut up to 35%.
According to CNBC, the bank plans to reduce its headcount, which as of the most recent quarter was 426, to the “high 200s.”
For the third quarter, FBR posted a loss of $26.1 million, or 43 cents a share, compared to loss of $46.6 million, or 10 cents a share, for the same period a year earlier.
FBR declined to comment.
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