NYSE Braces For Massive Job Cuts Post ICE Merger [REPORT]VW Staff
FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that, following the NYSE Euronext (NYSE:NYX) Euronext merger with IntercontinentalExchange Inc (NYSE:ICE), NYSE officials “are bracing for massive cuts from their side of the aisle.” Gasparino also reports that NYSE officials “have been largely cut out” of the post-merger discussions, though they originally “believed they would play a bigger role” in these conversations.
On NYSE officials bracing for job cuts following the NYSE-ICE merger:
“The merger occurred in December where the ICE took over the New York Stock Exchange (NYSE), but here’s what we do know. Officials at the NYSE are bracing for massive cuts from their side of the aisle. There will be significant job losses as part of this merger. The other interesting thing from what we understand is the NYSE officials have been largely cut out of these merger discussions. The post-merger discussions about how the company is going to look when the merger closes – which I believe is in the fall – are being handled by [ICE CEO] Jeff Sprecher and his team. From what I understand, [NYSE CEO] Duncan Neiderauer is playing a role but it is largely advisory. The NYSE officials believed they would play a bigger role in these discussions, they have not so far.”