NYSE slashes job again

Jim Kim — Mon, 09 Jun 2008 21:15:56 -0400

It's no secret that NYSE Euronext is looking to pare costs. Financial News Online reports that the global exchange firm has offered 450 of its 1,800 employees in New York buyout packages. That follows some previous job reductions that pushed the head count to 3,200--down from roughly 3,700 a year earlier. Some paring is expected in Europe as well. The exchange business is as competitive as ever, especially in the U.S. At some point, the NYSE won't be able to pare costs anymore. To beat the hordes of low-cost electronic execution venues, it will need to do more. So it has a lot riding on its own ECN initiatives, its war against the Nasdaq and overseas expansion.

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Global Exchange

NYSE slashes job again