Nyse axes 60 jobs

Nyse axes 60 jobs

The New York Stock Exchange has cut 60 jobs as part of a cost-cutting and efficiency drive ahead of its transformation into a public company.

A Nyse spokespan told Reuters that the affected employees are from the exchange's main business, which employed 923 staff before the lay-offs. None of the employees came from the exchange's regulatory unit.

Affected staff were informed of the decision yesterday and the action was effective immediately.

The move comes a week after Nyse seat holders approved its proposed merger with electronic trading network Archipelago, in a transaction that will see the Exchange transform into a public company. The takeover is expected to be completed in late January.

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