EF Hutton Growth On Track Despite Losses, Officials Say
EF Hutton officials tell WYSO the company is on track with hiring and community investment goals, despite documented financial losses in the first half of this year.
The Springfield-based financial services firm reported a loss of more than $2 million over the previous two quarters.
CEO Chris Daniels says the losses were largely due to the $43 million company’s investments as it builds its web and mobile-phone technologies.
“We are putting money into infrastructure and building a platform. Every businessperson knows that investing in infrastructure is entirely different than a loss as a result of losing customers or losing business,” he says.
Daniels says the company is moving ahead with plans to create more than 400 jobs in Springfield over the next five years.
Springfield city officials did not immediately return calls seeking comment about EF Hutton's performance in the city so far.
The company relocated its headquarters to downtown Springfield last year.
City officials voted to guarantee EF Hutton half the income tax revenue generated by new staff -- if the company meets its promised employment goals.
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