CME Group To Terminate 3% Of Workforce, Relocate Positions To Cloud Technology: Report

CME Group Inc. CME reportedly plans to terminate about 100 positions, or 3% of its workforce, while reallocating some jobs.

The Chicago, Illinois-based company plans to reallocate most of those positions to new, cloud-focused technology roles, Reuters reported, citing an email statement from a company spokesperson.

However, the overall headcount of the firm will remain the same, the report noted.

The report did not specify how many people would be reallocated or whether CME would hire additional people to maintain the headcount.

The company recently announced enhancements to its existing cross-margining arrangement. It will increase capital efficiencies for clearing members that trade and clear both U.S. Treasury securities and CME Group Interest Rate futures.

The proposed changes, subject to regulatory approval, are expected to launch in January 2024.

Price Action: CME shares closed higher by 0.99% to $189.26 on Friday.