The president and chief operating officer of failed broker MF Global Holdings Inc. has agreed to have his annual base salary of $1.5 million slashed 96 percent as he stays on to work on the company's Chapter 11 restructuring.

The company said Tuesday that Bradley I. Abelow's annual base salary will be $60,000 from now on.

MF Global, which was one of the biggest players in the derivatives market, filed for bankruptcy protection on Oct. 31 after making a disastrous bet on European debt.

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