CME Group, the world’s top derivatives marketplace, has announced plans to cut about 150 jobs, or five per cent of its staff worldwide, mainly from its technology department.
The staff cuts come as part of the company’s previously announced restructuring, which included a decision earlier this month to cut its electronic trading hours for CME livestock futures and options. [Related story]
“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,” CME Group president Terry Duffy said Monday in a release.
“As difficult as this decision is, the efficiencies we have built are allowing us to make this change to our structure.”
CME said the remainder of job cuts will come from “corporate and administrative functions.” Affected employees are to be notified this week.
CME’s businesses include cattle and hog futures through the Chicago Mercantile Exchange and grains and oilseeds futures through its 2007 merger with the Chicago Board of Trade (CBOT) and 2012 takeover of the Kansas City Board of Trade (KCBT).
CME Group’s 13 offices worldwide include five in North America: its headquarters in Chicago and sites in Calgary, Houston, New York and Washington, D.C. — AGCanada.com Network