Former New Jersey governor Jon Corzine has been in the chief executive seat of publicly traded futures and options broker MF Global Holdings Ltd. for only seven weeks but has already made major moves. Corzine-led MF Global announced Thursday, May 20, it will slash its workforce by up to 15% from its current workforce of 3,200 in the company's upcoming first quarter.

The move comes in the wake of a fourth quarter where the company posted a net loss of $95.6 million, or 78 cents per share, compared with a loss of $119.3 million, or 98 cents per share compared to the same year-ago period. Corzine had some strong words about his company's quarterly results during a call for investors: "Going forward, these are not the kind of results that MF Global management will tolerate, nor should its shareholders."