CME Announces Reduction in Workforce

The Chicago Mercantile Exchange Group ("CME Group") announced that it is reducing its workforce by about five percent, or roughly 150 positions, as part of its recent restructuring effort. According to the press release, a majority of the eliminations will come from technology, along with positions in corporate and administrative functions.

CME Chairman Terry Duffy explained that, due to the advent of new technologies, the CME must make changes to its structure. New efficiencies created by CME will decrease costs, reduce management layers and "ensure the company's long-term continued growth." CME also cited "changing market dynamics" as a reason for the reorganization of its leadership structure.