CME to cull tech staff in restructuring

CME to cull tech staff in restructuring

CME is to cut five percent of its workforce, or about 150 jobs, with the majority of lay offs coming from technology positions.

The remaining staff cuts will come from corporate and administrative posts - chiefly in Chicago - the exchange said in a statement this morning.

The culling of the workforce follows a recently announced restructuring of senior management positions - including the appointment of company veteran Kim Taylor as president of global operations, technology and risk - and a recent plan to cut back on overnight electronic trading in livestock-futures contracts amid thin markets.

Announcing the move, CME Group executive chairman and president Terry Duffy, says: "These staffing changes and other expense control measures we have taken internally will result in decreased costs and reduced management layers, and will help ensure the company's long-term continued growth."

Individuals whose jobs are affected will be informed this week and will be eligible for severance and outplacement services offered through BPI Group.

Comments: (0)