Cargill to Fire Third of Finance Unit Workers

Cargill Inc., the largest privately held company in the U.S., said it will slash 300 of 900 jobs at a unit that trades securities and real estate, after a big loss from bad bets on the Russian ruble. Cargill, whose other businesses include the production, processing and trading of commodities such as grains and steel, employs about 80,600 worldwide. Employees at the Minnetonka, Minn.-based company were notified about the job cuts at the Financial Markets Group a day after Cargill said it will expand its crop business with the acquisition of a unit of chief U.S. rival Continental Grain Corp. Terms of the deal weren’t disclosed. Nearly all of FMG’s 24 offices throughout the world will be affected by the cuts. Cargill reported Oct. 20 that earnings in its fiscal fourth quarter ended Aug. 31 sank 96%, to $4 million from $93 million.