CME to cull tech staff in restructuring

CME is to cut five percent of its workforce, or about 150 jobs, with the majority of lay offs coming from technology positions.

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CME to cull tech staff in restructuring

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The remaining staff cuts will come from corporate and administrative posts - chiefly in Chicago - the exchange said in a statement this morning.

The culling of the workforce follows a recently announced restructuring of senior management positions - including the appointment of company veteran Kim Taylor as president of global operations, technology and risk - and a recent plan to cut back on overnight electronic trading in livestock-futures contracts amid thin markets.

Announcing the move, CME Group executive chairman and president Terry Duffy, says: "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."

Individuals whose jobs are affected will be informed this week and will be eligible for severance and outplacement services offered through BPI Group.

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