JSE to retrench staff as it tightens its belt
A two-year cost-cutting programme could include the retrenchment of up to 14% of its staff, as well as reducing IT costs
Belt-tightening at JSE Limited, the company which operates the Johannesburg bourse, could lead to 14% of its staff being retrenched by the end of 2017."We are taking these difficult steps, particularly regarding our staff, whilst recognising our responsibility to operate the JSE so as to enhance the trust in the South African financial markets," JSE CEO Nicky Newton-King said in a statement released on Friday morning.The JSE plans to cut its overheads by R170m by 2019. As part of this, it is starting a consultation process in terms of section 189A of the Labour Relations Act which may lead to the retrenchment of about 60 of its full-time staff, the statement said. The announcement also said Leanne Parsons would step down from the JSE’s executive committee and board on December 31, but would continue to work for the JSE in 2018 to deliver its integrated trading and clearing project.Besides retrenching staff, the JSE intends to meet its R170m cost-cutting goal by reducing its inform...
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