Current Report Filing (8-k)
September 23 2014 - 4:19PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 23, 2014
KCG Holdings, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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000-54991 |
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38-3898306 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
545 Washington Boulevard
Jersey City, New Jersey 07310
(Address of principal executive offices)
(201) 222-9400
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.05 |
Costs Associated with Exit or Disposal Activities. |
On September 2, 2014, KCG Holdings, Inc.
(KCG) commenced a workforce reduction plan. This action is designed to rationalize redundancies, improve efficiency and realign resources to areas with a greater potential for future growth. The workforce reduction plan impacts
approximately 4% of KCGs workforce, and will be completed by early October 2014.
KCG currently estimates that it will recognize a pre-tax charge in
connection with the workforce reduction of $5.0 to $6.0 million during the third quarter of 2014. The charge is expected to consist of severance, other one-time termination benefits, and other associated costs. KCG expects $3.0 to $4.0 million of
these charges to result in future cash expenditures. In addition to the charges associated with this workforce reduction plan, KCG estimates that it will recognize additional pre-tax charges of approximately $6.0 to $7.0 million in connection with
other employee separations that occurred during the third quarter of 2014.
The foregoing contains forward-looking statements, which are subject to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the size of the reduction and the amount and timing of the related charges. Statements regarding future events are based on
KCGs current expectations and are necessarily subject to associated risks related to the completion of the reduction in force in the manner anticipated by KCG. Readers are cautioned that these forward-looking statements are only predictions
and may differ materially from actual future events or results due to a variety of factors, including: KCGs ability to implement the workforce reductions in various geographies; possible changes in the size and components of the expected costs
and charges associated with the plan; and risks associated with KCGs ability to achieve the benefits of the planned workforce reduction. For information regarding other factors that could cause KCGs results to vary from expectations,
please see the Risk Factors section of KCGs filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2013. KCG undertakes no obligation to revise or update
publicly any forward-looking statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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KCG Holdings, Inc. |
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(Registrant) |
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Date: September 23, 2014 |
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By: |
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/s/ John McCarthy |
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Name: |
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John McCarthy |
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Title: |
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General Counsel |
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