NYSE Group Inc., the operator of the New York Stock Exchange, on Wednesday said it will cut more than 500 jobs to cut costs, eliminate duplicate services and leverage the results of its March acquisition of the Archipelago electronic exchange.
The reductions from its NYSE, NYSE Arca and Securities Industry Automation Corp. divisions will include approximately 400 employees and 120 full-time consultants.
Individuals whose positions are eliminated will receive separation packages, and those eligible will receive outplacement services and retirement benefits.
As part of the terms of NYSE Group's recent SIAC transaction, approximately 150 SIAC positions which are counted among the job cuts will become part of the American Stock Exchange. NYSE Group said in late October it would buy the one-third stake in the SIAC from AMEX for $40 million. The deal is expected to close this month.
The cuts are effective immediately and extend through March 2007 for certain positions.