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Job losses at the London Stock Exchange

Despite the fact that the UK stock market has enjoyed a positive move over the last few weeks, the London Stock Exchange today announced redundancies totalling 133 employees who cost the company an average £83,000 a year in remuneration and benefits. This 12% reduction in the workforce has reduced costs by an estimated £11 million although the short-term situation will involve £14 million in payoffs, the majority of which will go towards Italian stuff where the labour laws are more stacked against companies.

Despite the fact that the London Stock Exchange is trading relatively well and attracting the attention of would-be third-party bidders, the company would appear determined to remain independent and grow the business itself. The ongoing reliance upon technology has to some extent reduced the requirement for large numbers of staff but ventures into places such as Italy, where labour laws are very different to the UK, have proven fairly costly.

At the height of the bid fever regarding the London Stock Exchange the shares had touched around £20 back in 2008 although today they stand at just over £8.50, a 27p fall on the day. However, whether the ongoing cost-cutting program will be enough to allow the business to remain independent remains to be seen.

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