NYSE Euronext has revealed plans to reduce staff numbers in the US by up to a quarter in a drive to cut costs.
Speaking yesterday at a conference hosted by Sandler O’Neill, NYSE CEO Duncan Niederauer revealed that 450 of the exchange group’s 1,800 New York staff base have been offered voluntary redundancy. He also hinted that NYSE’s European workforce could also face cuts next year.
The move follows the announcement of fee reductions of 30% targeted at high frequency European cash equity traders, due to come into effect at the beginning of July.
A spokesperson from NYSE in New York declined to comment.