MF Global Holdings Ltd Chief Executive Jon Corzine is expected to soon leave from his position at J.C. Flowers, a source close to the private equity firm said on Thursday.

MF Global filed for bankruptcy protection on Monday after risky trades on European debt triggered its collapse.

As an operating partner at J.C. Flowers, Corzine held a part-time position and did not draw a salary from the firm, the source said.

His only compensation was in the form of carried interest from the current J.C. Flowers fund, the source said. J.C. Flowers had invested in MF Global from a previous fund.

J.C. Flowers declined to comment. MF Global did not immediately respond to a request for comment.

(Reporting by Paritosh Bansal in New York; additional reporting by Lauren LaCapra; Editing by Tim Dobbyn)