© Reuters. FILE PHOTO: The CME Group Inc logo is seen displayed in this illustration taken on April 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) – A spokesman for CME Group (NASDAQ:), the world’s largest derivatives exchange, said it has cut about 100 jobs, or 3% of its workforce, this week while reallocating some positions.
“The company plans to reallocate the majority of these positions to new cloud-focused technology roles,” the spokesperson said in an emailed statement, adding that the total number of employees will remain the same.
The spokesperson declined to comment on how many people will be redeployed or whether CME will hire additional people to maintain headcount.
The 125-year-old exchange and clearing operator joins major Wall Street banks in cutting staff after the collapse of two regional US lenders in March, in the biggest crisis the industry has seen since 2008.
After positive quarterly results in April, CEO Terry Duffy cited “changing perceptions about the Fed’s near-term interest rate path as well as significant banking concerns in March.”
Chicago-based operator CME will report second-quarter results on Wednesday.