The JSE, Africas oldest and largest stock exchange, announced the restructuring of its operations that will see it shed 14percent of its workforce by the end of the year as it adapted to technological changes.
JSE chief executive, Nicky Newton-King, said in a statement on Friday that the company was restructuring against the backdrop of South Africas low economic rate, ratings downgrades and low business confidence and as exchanges were adapting to fast paced technological changes.
Newton-King said the cost cutting would see the technology expenditure cut by a minimum of R70million over two years.
It said the changes would also involve a reduction in the companys full time staff complement by 60 people, resulting in annualised cost …
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