A merger of the London Stock Exchange with its German equivalent Deutsche Boerse could see 1,250 staff lose their jobs, as the groups aim to make annual cost savings of €450m, LSE documents show.
The LSE agreed a 'merger of equals' deal with Deutsche Boerse in March to create one of the largest exchange companies with a combined value of about £21bn. Under the agreement LSE will hold 45.6% of the enlarged, group while Deutsche Boerse will own the remaining 54.4%. The companies said they expect to achieve a combined €450m in annual cost savings by the third year after completion. The cost synergies would be created mainly through technology-based efficiencies, from the corporate centre and through 'business segment optimisation'. The detailed plans for any restructuring a...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
