CME Group to lay off 3% of its workforce, reallocate positions

cme-group-to-lay-off-3%-of-its-workforce,-reallocate-positions
CME Group to lay off 3% of its workforce, reallocate positions

CME Group, the world’s largest derivatives exchange, has eliminated approximately 100 positions, which accounts for 3% of its workforce. However, the company plans to reallocate most of these positions to new technology roles focused on cloud computing. The spokesperson confirmed that the overall headcount will remain unchanged. Details regarding the number of people being reallocated or the possibility of hiring additional staff were not disclosed by the spokesperson. This move by CME Group follows the trend of major Wall Street banks reducing their headcount after the collapse of two regional U.S. lenders in March, which marked the industry’s most significant crisis since 2008. In April, CEO Terry Duffy attributed the decision to “shifting perceptions about the Fed’s near-term rate path as well as significant banking concerns in March.” The Chicago-based CME operator is set to announce its second-quarter results on Wednesday.

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