CME to cut staff

October 15, 2014 09:21 AM
Exchange announces 5% staff cut

CME Group Inc.,(NASD:CME) the world’s largest futures exchange, said it will cut about 150 employees, or 5 percent of its global workforce, to reduce costs.

“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,” Executive Chairman Terrence Duffy said in a statement today. Most of the employees will be cut this week from technology positions, with the remainder from corporate and administration jobs.

Last month, the Chicago-based exchange owner revamped its executive structure, naming Bryan Durkin to the new position of chief commercial officer, among other changes. Durkin previously served as chief operating officer. CME shares have gained about 6.8 percent in the past year.

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