A Columbia Management Group spokesperson revealed today that three top executives have lost their jobs. They are among the employees placed on leave after allegations of trading abuses at the firm and "will not be returning to work," according to a Reuters report.

Chief operating officer Joseph Palombo and co-presidents James Tambone and Lou Tasiopoulos will be repaced. Don Froude, chief executive of Fleet's Quick & Reilly brokerage unit will take over for Tambone and Tasiopoulos. Kevin Connaughton, Columbia funds treasurer, will assume Palombo’s duties as interim head of mutual funds.  

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