Nyse cuts 520 jobs

Nyse cuts 520 jobs

The New York Stock Exchange is laying off 520 staff in a bid to reduce costs following its merger with Archipelago earlier this year. The move follows last week's news that the US exchange operator is scaling back its trading floor operations.

The move will affect 400 employees and 120 full-time consultants at the Nyse, Nyse Arca and the Securities Industry Automation Corporation (SIAC) business units.

In a statement, Nyse says the workforce reduction "reflects ongoing initiatives to cut costs and improve efficiencies, eliminate duplicate services, and leverage synergies resulting from the March 2006 NYSE-Archipelago merger".

Nyse said last month that it was buying the one-third stake it didn't already own in the SIAC technology unit. Under the terms of this agreement approximately 150 SIAC positions, which are part of Nyse's workforce reduction will transfer to the American Stock Exchange (Amex).

The job cuts follow news earlier this month that Nyse was shutting its trading room at 30 Broad Street and would consolidate trading operations from five rooms to four over the next 18 months.

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