CME Group Cuts Workforce by 5 Per Cent
US - As part of its recently announced restructuring, CME Group said it will reduce the company's global workforce this week by roughly 5 per cent or about 150 positions.
15 October 2014
1 minute read
The majority of eliminations will come from technology, with the balance of positions coming 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," said CME Group Executive Chairman and President Terry Duffy. "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."
"Given changing market dynamics, CME Group reorganized its leadership structure last month to better serve our global client base," said CME Group CEO Phupinder Gill. "With these changes, I am confident we will effectively align our resources and focus on areas of new growth across the globe."
CME Group said it is committed to helping impacted employees through their transitions. Individuals whose jobs are affected will be informed this week and will be eligible for severance and outplacement services offered through BPI Group.
CME Group handles 3 billion contracts worth approximately $1 quadrillion annually (on average). Their exchanges include CME, CBOT, NYMEX and COMEX.
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