KeyCorp has fired seven brokers from its McDonald Investments office in Chicago last week for neglecting company policy, including failure to conduct due diligence on its clients, Dow Jones Newswires reports.
After recieving requests for information from regulators, the company did an internal review of its trading practices and decided to fire the brokers. However, a spokesperson for the company, Michael Monroe
, declined to say whether the brokers were fired for improper mutual fund trading practices.
There were only 10 brokers in the company's Chicago office. That office has been closed for what the company said were 'strategic reasons.' Monroe said the remaining three brokers will have the opportunity to relocate.
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