Stock market operator TMX Group cuts 115 jobs in effort to reduce costs
TORONTO – TMX Group Ltd. (TSX:X) is cutting more than 100 jobs in an effort to reduce costs.
The operator of the Toronto Stock Exchange says it’s eliminating 95 full-time positions and about 20 consultants and contractors.
TMX had 1,173 employees as of June 30, not including contractors and consultants.
It expects the majority of the cuts will be complete by the end of the first quarter of 2017.
TMX Group CEO Lou Eccleston says the company has simplified its organizational structure and business support systems.
TMX says it hopes the cuts will save it $8 million to $10 million a year on an annual basis by the end of this year and an additional $3 million to $5 million annually by the end of 2017.
It expects the cuts to cost $15 million to $17 million in severance.
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