Top GFI staff seek exit clause if rival BGC bid succeeds

More than 100 senior employees at GFI Group, the US interdealer broker, are seeking changes to their contracts that would allow them to leave the company if a hostile takeover bid by rival BGC Partners is successful.

Dozens of the GFI’s top desk heads and producers have expressed their concern to management in recent months about a BGC purchase, said two people familiar with the situation.

Howard Lutnick, BGC chief executive

Many are worried about working within BGC’s corporate culture, which incentivises employees via a partnership structure unique in the industry and could lead to bonus cuts.

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