CME Group To Cut Global Workforce By 5% Amid Restructuring

(RTTNews) - Futures exchange operator CME Group, Inc (CME) announced Tuesday that it will cut its global workforce by about 5% or 150 positions as part of its recently announced restructuring to refocus on future growth. As of December 31, 2013, the company had a global workforce of about 2,730 employees.

CME Group is the world's leading and most diverse derivatives marketplace, handling 3 billion contracts worth about $1 quadrillion annually, on average.

"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 said in a statement.

CME Group, the derivatives marketplace, had in mid-and-late September reorganized its leadership structure in order to better serve its global client base as well as to align its resources and focus on areas of new growth across the globe.

"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," Duffy added.

The company noted that the major chunk of the current job eliminations are expected to come from technology, with the balance of positions coming from corporate and administrative functions.

CME Group added that it will inform the affected individuals later in the week and assist them through their transition. They will also be eligible for severance and outplacement services offered through BPI Group.

In Tuesday's regular trading session, CME is currently trading at $80.23, up $1.22 or 1.54% on a volume of 0.34 million shares.