FBR Capital Markets Corp. will be reducing its staff by about 10% or roughly 75 employees. This is in response to adverse market conditions. No details of the exact nature of the layoffs were provided by FBR. In a statement, FBR indicated that it made the reductions to better position it to take advantage of opportunities that will come about when the market stabilizes. The Arlington, Va.-based firm added that, "even though FBR Capital Markets has more than $500 million in equity and $400 million in liquidity and is financially strong, we have taken action which we believe is prudent given the current capital markets condition."
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