The New York Stock Exchange is axeing more than 500 trading system staff to cut costs.
The NYSE said the jobs going included 400 employees and 120 full-time consultants across its NYSE, NYSE Arca and Securities Industry Automation Corporation (SIAC) business units.
The cuts, which will be completed by March 2007, are designed “to cut costs, improve efficiencies, eliminate duplicate services, and leverage synergies resulting from the March 2006 NYSE-Archipelago merger”, said the NYSE.
Since March 2005, when NYSE, Archipelago and SIAC had 3,484 staff on a combined pro forma basis, there has been a reduction of nearly 1,000 employees, representing a 35% workforce cull.
As part of the terms of the NYSE’s recent move to acquire the remaining one-third stake it did not already hold in the SIAC system, around 150 SIAC positions, which are part of this latest workforce reduction, will become part of the American Stock Exchange (Amex) instead.
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