NYSE Group, parent of the New York Stock Exchange, will eliminate more than 500 positions, 400 of them held by employees and another 120 held by full-time consultants. The cuts are widespread, but won't impact NYSE Regulation.
NYSE Group said the cuts are in the NYSE, NYSE Arca and Securities Industry Automation units and are part of continuing efforts to "improve efficiencies, eliminate duplicate services, and leverage synergies" from March's NYSE-Archipelago merger. About 150 positions will become part of the American Stock Exchange.
Combined, NYSE, Archipelago Holdings and SIAC have reduced their workforce a total of 35 percent since March 2005.