TMX Group cutting jobs
TMX Group Inc., the owner of the stock exchanges in Toronto and Montreal, said Tuesday it will cut 85 jobs, or 10 per cent of its workforce, as it consolidates its operations.
The cuts, which will take place over 14 months, will see TMX Group's data centres and offices merged.
"In the current financial context, we see great opportunities to create efficiencies for our customers while further developing the risk management portion of our business, which is a key component of the Montreal Exchange," said Luc Bertrand, the deputy CEO of TMX Group and the president and CEO of the Montreal Exchange.
At the same time, TMX Group said future initiatives will see it add 30 jobs in clearing, technology and application development in its Montreal office. The company said the new plans are forecast to eventually generate about $10 million in annual revenue.
The merger of TSX Group and Montreal Exchange was completed on May 1 of this year.
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