NEW YORK, April 18 /PRNewswire-FirstCall/ -- GFI Group today confirmed the resignation of Donald P. Fewer, formerly its head of North American Credit Product brokerage.
GFI believes that Mr. Fewer's departure is part of a concerted effort by one of its competitors to raid GFI's highly successful North American credit product brokerage business by hiring members of GFI's New York credit brokerage staff. GFI believes that approximately two dozen of its North American credit brokers may be in the process of defecting to its competitor, notwithstanding contractually binding obligations on Mr. Fewer and others against unlawful competition and soliciting employees. GFI believes that for the fiscal year ended December 31, 2007 these brokers contributed approximately $50m of GFI's $970m in global revenue.
GFI intends to respond aggressively to this situation while continuing to provide effective service to clients in North America for credit products. GFI will defend its contractual and legal rights against unfair competition to the full extent of the law.
In a separate statement, GFI Group announced that its First Quarter 2008 brokerage revenue growth will be within its forecast of 25-30% over the First Quarter 2007 and estimates that GAAP earnings per share will be $0.28 or more.
GFI Group will be announcing full results for the First Quarter of 2008 on Thursday, May 1 following the market close and hosting an earnings conference call on Friday, May 2.
About GFI Group Inc.
GFI Group Inc. (http://www.gfigroup.com/) is a leading inter-dealer broker specializing in over-the-counter derivatives products and related securities. GFI Group Inc. provides brokerage services, market data and analytics software products to institutional clients in markets for a range of credit, financial, equity and commodity instruments.
Headquartered in New York, GFI was founded in 1987 and employs more than 1,600 people with additional offices in London, Paris, Hong Kong, Seoul, Tokyo, Singapore, Sydney, Cape Town, Calgary, Englewood (NJ) and Sugar Land (TX). GFI provides services and products to over 2,200 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFI(TM), GFInet(R), CreditMatch(R), GFI ForexMatch(TM), EnergyMatch(R), FENICS(R), Starsupply(R), Amerex(R), and Trayport(R).
Forward-looking statements
Certain matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "might," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward- looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: economic, political and market factors affecting trading volumes, securities prices or demand for the Company's brokerage services; competition from current and new competitors; the Company's ability to attract and retain key personnel, including highly- qualified brokerage personnel; the Company's ability to identify and develop new products and markets; changes in laws and regulations governing the Company's business and operations or permissible activities; the Company's ability to manage its international operations; financial difficulties experienced by the Company's customers or key participants in the markets in which the Company focuses its brokerage services; the Company's ability to keep up with technological changes; and uncertainties relating to litigation. Further information about factors that could affect the Company's financial and other results is included in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
GFI Group Inc. Comm-Partners LLC
Christopher Giancarlo June Filingeri
Executive Vice President - Corporate Development 203-972-0186
212-968-2992 junefil@optonline.net
investorinfo@gfigroup.com
Chris Ann Casaburri
Investor Relations Manager
212-968-4167
chris.casaburri@gfigroup.com
Media Contact:
GFI Group Inc.
Alan Bright
Public Relations Manager
011-44-20-7877-8049
alan.bright@gfigroup.co.uk
GFI Group Inc.
