CME Group To Cut Global Staff By About 150

CME Group To Cut Global Staff By About 150

CME Group estimates changes will cut costs, eliminate layers of management

CME Group, owner of the Chicago Board of Trade, said on Tuesday it will trim its global workforce this week by roughly 5% or about 150 positions, with the majority of eliminations in its technology sector. The balance will come from corporate and administrative functions.

"Our industry has transformed significantly over the past five years, with the advent of OTC Clearing and other changes. As difficult as this decision is, the efficiencies we have built are allowing us to make this change to our structure," CME Group Executive Chairman and President Terry Duffy said in a statement.

CME Group estimates changes will cut costs, eliminate layers of management

The staffing changes and other measures will cut costs and reduce management layers, and "will help ensure the company's long-term continued growth."

CME Group reorganized its leadership structure last month to better serve our global client base, said CME Group CEO Phupinder Gill.

CME Group said the affected employees will be informed this week and will be eligible for severance and outplacement services.

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