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Chicago Merc To Cut 380 JobsDow Jones Newswires
August 13, 2007
NEW YORK - CME Group, the parent of the Chicago Mercantile Exchange, on Monday said it will cut 380 jobs and combine floor trading to a single site by March as part of its merger with the Chicago Board of Trade.
CME (CME) previously said that the floors would be combined in a year to 18 months after the merger, but at the end of July accelerated the timetable to the second quarter 2008.
The $12 billion cash and stock deal closed in July. CME has projected $150 million in pretax cost savings and $75 million in additional revenue.
The commodities exchange also said Chicago Board products will be integrated into CME's Globex electronic trading platform on Jan. 13 and Jan. 27. The integration was scheduled for the first quarter 2008.
http://money.cnn.com/news/newsfeeds/articles/djhighlights/200708132144DOWJONESDJONLINE000490.htm
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