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CME Group to cut 100 jobs and move staff to new roles

By Nithya Bose in US business news, posted July 24, 2023

CME Group will cut around 100 employees, equivalent to three percent of its workforce, and reassigning some roles as part of a strategic reallocation.

A company spokesperson said most of these positions will be redirected towards new technology roles focused on cloud-based initiatives.

However, the headcount is expected to remain unchanged.

The spokesperson declined to disclose the exact number of people to be reassigned or whether there are plans to hire additional staff to maintain the headcount.

This move comes after the collapse of two regional US lenders in March, prompting major Wall Street banks, including CME Group, to undertake cost-cutting measures.

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Following positive quarterly results in April, CEO Terry Duffy cited "shifting perceptions about the Fed's near-term rate path as well as significant banking concerns in March."

The financial derivatives exchange is set to announce its second-quarter results on Wednesday, July 26.

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