Knight Capital Group Inc. faced growing pressure to find a savior as clients from Citigroup Inc. to Vanguard Group Inc. curtailed business with the firm following a software bug that triggered a $440 million loss.
Knight Capital Group Inc. has “all hands on deck” and is in close contact with creditors, clients and counterparties as it tries to weather trading errors that cost it $440 million, Chief Executive Officer Thomas Joyce said.
Knight Capital Group Inc., fighting for survival after a $440 million loss spurred by a software failure, worked to find an investor after people familiar with the matter said two potential suitors were no longer interested.
E*Trade Financial Corp.’s next chief executive officer could find the brokerage’s 51 percent discount to net assets isn’t enough to attract a buyer any time soon, as mortgages from the housing bubble impede a potential sale.
Citigroup Inc., TD Ameritrade Holding Corp. and Scottrade Inc. suspended routing transactions through Knight Capital Group Inc. as the market maker recovers from software errors that caused a $440 million loss.