LSE chief cuts 133 jobs

LONDON: The London Stock Exchange is set to embark on a spree of deals in a bid to transform the company.

Cazenove is on the hunt for targets as LSE chief executive Xavier Rolet ponders further price cuts to respond to the competitive threat posed by rivals such as Chi-X and Turquoise.

The exchange operator announced yesterday 133 jobs have been cut, a move that should save it £11 million ($24.47 million) a year after a one-off £14 million hit has been taken to cover redundancy costs.

The losses equate to 12 per cent of the company's workforce from its London headquarters and its Borsa Italiana sister exchange in Milan.

Rolet, a former Lehman Brothers banker, has already cut prices and made it easier for users to hit the top level of discount for frequent traders.

He has also reduced the notice period for tariff changes to two weeks, from two months.

- INDEPENDENT