CHICAGO, Oct. 14, 2014 /PRNewswire/ -- As part of its recently announced restructuring, CME Group said today it will reduce the company's global workforce this week by roughly 5 percent or about 150 positions. The majority of eliminations will come from technology, with the balance of positions coming from corporate and administrative functions.
Logo - http://photos.prnewswire.com/prnh/20140123/AQ51408LOGO
"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 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.
As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex® electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the world's leading central counterparty clearing providers, which offers clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME, Globex and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are registered trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. KCBOT, KCBT and Kansas City Board of Trade are trademarks of The Board of Trade of Kansas City, Missouri, Inc. All other trademarks are the property of their respective owners. Further information about CME Group (NASDAQ: CME) and its products can be found at www.cmegroup.com.
CME-G
SOURCE CME Group
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article