Deutsche Börse mulling staff cuts, outsourcing - Handelsblatt
28 January 2010 | 5699 views | 0
Deutsche Börse is to cut up to 10% of its 3,300-strong workforce as it bids to lower costs in the face of strong competition, according to a report in German business daily Handelsblatt.
The proposed job cuts will hit all units of the German exchange and could entail the outsourcing of activities at subsidiary depository Clearstream, the paper says, citing "people familiar with the plans".
The report comes just days after Börse chief Reto Francioni said the Exchange was anticipating a difficult year and that cost dsicipline would be top of its agenda for 2010.
Last week Deutsche Börse said it would take a write-down of EUR200 million on its 2009 earnings following a poor showing in US equity options trading by the International Securities Exchange.
A spokesman for the Börse told newswires the company would not comment on rumours but added: "We are firmly committed to Clearstream Banking in Frankfurt and to ClearStream SA in Luxembourg and will continue to support our German and international business from both centres."