The Chicago-based exchange group said Tuesday it will reduce the company’s global workforce this week by roughly 5%, or about 150 positions. The majority of job losses will come in its technology area, it said, with the rest coming in corporate and administrative functions.
“Our industry has transformed significantly over the past five years, with the advent of [over-the-counter] 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.
“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.”
The company said that affected individuals will be informed this week, and they will be eligible for severance and outplacement services offered through BPI Group.
“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.