CME Group Enacts Tech Jobs Cut

This is the third time in less than a month that CME Group has announced a restructuring, following the appointment of several individuals to its executive team, including Byran Durkin as the chief commercial officer and Kim Taylor as the president of global operations of technology and risk. Two weeks later, the CME Group appointed three people to leadership positions in its international business.

"As difficult as this decision is, the efficiencies we have built are allowing us to make this change to our structure," says Terry Duffy, CME Group executive chairman and president, in a statement. "These staffing changes and other expense control measures we have taken internally will result in decreased costs and reduced management layers, and will help ensure the company's long-term continued growth."

Adds Phupinder Gill, CME Group CEO, "Given changing market dynamics, CME Group reorganized its leadership structure last month to better serve our global client base. With these changes, I am confident we will effectively align our resources and focus on areas of new growth across the globe."