Deutsche Börse is axing 300 jobs, primarily at its Frankfurt headquarters and its Luxembourg operations, under a restructuring and cost cutting programme designed to generate annual savings of EUR100 million from 2010 onwards.
The German exchange is aiming to cut its annual cost base by EUR50 million in 2008 and by EUR75 million in 2009. From 2010 onwards, the bourse expects to generate annual savings of EUR100 million.
The exchange says the cost cuts primarily affect non-personnel related expenses, but it is cutting around 300 of the 3000 staff working at its Frankfurt and Luxembourg units. Around 200 of these roles will be transferred to the exchange's operations in Prague.
Deutsche Börse says it plans to reduce the number of positions relating to central functions and IT, while some vacant positions will be cut.
But as well as cutting jobs, the exchange says it plans to create new positions in "market oriented areas". It will also create some new positions by bringing some external services back in-house
Deutsche Börse says it expects its headcount to be similar to today's number in following the full implementation of the restructuring in 2010.