CME Group To Lay Off About 150 Employees

CME Group said Tuesday it would lay off about 150 employees, or about 5% of its global workforce, as part of a restructuring aimed at cutting costs and reducing management layers. The stock rose 1.9% in early trade, bouncing after a 3.2% drop on Monday. The jobs cuts will be mostly in its technology group, with the rest coming from corporate and administrative areas. "As difficult as this decision is, the efficiencies we have built are allowing us to make this change to our structure," said Executive Chairman Terry Duffy. CME shares are now up 2.6% so far this year, compared with a 1.9% rise in the S&P 500.