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Datek cuts staff; moves headquarters

Datek Online trimmed its staff by 10 percent and consolidated its operations to a new headquarters as part of a campaign to cut costs, the company said Thursday. Datek laid off 131 workers and said it will move its three operations, all located in New Jersey, to one facility in Jersey City, N.J. Datek, which was founded in 1998, is based in Iselin, N.J. The online brokerage is reacting to a steep drop-off in trading that has sapped the earnings of the top Web brokerages. A Datek executive said in a statement that the company does not anticipate any more staff reductions.

Datek Online trimmed its staff by 10 percent and consolidated its operations to a new headquarters as part of a campaign to cut costs, the company said Thursday. Datek laid off 131 workers and said it will move its three operations, all located in New Jersey, to one facility in Jersey City, N.J.

Datek, which was founded in 1998, is based in Iselin, N.J. The online brokerage is reacting to a steep drop-off in trading that has sapped the earnings of the top Web brokerages. A Datek executive said in a statement that the company does not anticipate any more staff reductions.