JB Oxford Holdings to Consolidate Boston Branch
Tuesday February 2, 4:00 pm Eastern Time
Company Press Release
SOURCE: JB Oxford Holdings, Inc.
Clients of Boston office will be served through company's New York branch
BEVERLY HILLS, Calif., Feb. 2 /PRNewswire/ -- JB Oxford Holdings, Inc. (Nasdaq: JBOH - news), a provider of on-line brokerage, full-service discount and correspondent clearing services to clients nationwide, plans to close its Boston office by March 1, 1999, as part of its continuing initiative to increase operating efficiencies and improve the company's bottom-line profitability.
''We continue to analyze the efficiency of all our offices and are continuing to implement measures to cut costs while improving service to customers,'' said C.L. Jarratt, chairman and chief executive officer of JB Oxford Holdings. ''Closing the Boston office makes good economic sense given our current business strategy and customer focus. Our branches in California, New York and Miami have the resources that will enable us to meet the needs of our customers while profitably growing the company. This move will allow us to devote our energies to building those offices in the most cost-effective manner.''
The company has offered to relocate employees of the Boston branch to any of its other offices throughout the country, at the employee's choosing. Clients currently served through the Boston office will continue to be handled by their respective personal brokers, should the brokers elect to remain with the company. The closing affects approximately 15 brokers and three back-office personnel. JB Oxford currently has a total of 270 employees.
JB Oxford Holdings, Inc., through its wholly owned subsidiary JB Oxford & Company, provides full-service discount and on-line brokerage services, as well as correspondent clearing services, to clients throughout the United States. In addition to its Beverly Hills headquarters, the company has branches in New York; Miami; and San Gabriel, Calif. More information can be obtained from the company's web site at www.jboxford.com.
SOURCE: JB Oxford Holdings, Inc. |
