TMX Group Ltd. plans to cut 100 jobs over the next 12 months as part of its integration of a clearing house and rival exchange it acquired as part of a takeover by a group of Canadian financial services players.
The stock exchange operator’s president and chief executive, Thomas Kloet, announced the job cuts on Friday in a quarterly conference call with analysts.
“Corporate support functions are now in the process of being integrated across the companies which will deliver both operational efficiencies and cost savings,” he said.
TMX Group had about 1,300 employees overall at the end of September, including about 400 that recently joined the Toronto-based company, mostly from the takeover of the Alpha Exchange and CDS Clearing and Depository Services Inc…
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