CME Group to cut 3% of staff, reshuffle roles.

(Reuters) – CME Group, the world’s largest derivatives exchange, has made some significant changes this week. They have eliminated about‌ 100 positions, ⁤which accounts for 3% of their workforce. However, they plan⁤ to reallocate the​ majority of those positions to new, cloud-focused technology roles. This move shows their commitment ​to embracing‍ technological advancements. ⁤The overall headcount will remain the same, ensuring a ‌smooth transition.

The ⁢spokesperson declined‌ to comment on ⁢the exact number of people being reallocated or whether CME will hire additional staff to maintain their‍ headcount. This decision comes after two‌ regional U.S.‍ lenders collapsed in March, causing a major crisis in the industry. CME Group is joining major Wall Street banks‌ in ⁣cutting ‌headcount to ⁢adapt to the ‍changing landscape.

Despite the challenges, CME Group reported ‍positive​ quarterly results in April. Chief Executive Officer Terry Duffy attributed this success to shifting perceptions about the ‍Fed’s near-term rate path and significant banking ⁢concerns⁢ in March. The Chicago-based company is set to announce its⁢ second-quarter results on Wednesday, which⁣ will provide further insights into ⁤their performance.

(Reporting by Yana Gaur and ⁣Urvi Dugar in Bengaluru; Editing by William Mallard)

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