Last fall, an anonymous letter addressed to KCG’s board and shareholders surfaced. It said some of the Getco-era businesses were “performing poorly” and that KCG’s “corporate culture is in disarray with employees close to open rebellion and fleeing in droves,” according to a copy of the letter reviewed by The Wall Street Journal.
Soon after the letter began circulating, KCG said Steven Bisgay, its chief financial officer and longtime Knight employee, left the firm but didn’t give any explanation. Mr. Bisgay, who joined Cantor Fitzgerald LP as finance chief last month, declined to comment.
Mr. Coleman said he held a call with the staff that directly reported to the management team. On the call, he “acknowledged the emotion in the letter” and “straightened out inaccuracies,” he said.
The departures have continued. Last week, the last member of KCG’s management team who was formerly at Knight left the company. That exit closely followed the abrupt resignation of George Sohos,longtime head of the market-making business.
