JSE sheds 14% of staff in restructuring

The Johannesburg Stock Exchange (JSE) building in Sandton. It has operated as a market place for the trading of financial products for nearly 125 years.

By TINTSWALO BALOYI,JOHANNESBURG, (CAJ News) – THE Johannesburg Stock Exchange (JSE) is to shed 60 jobs as part of a restructuring exercise to drive greater efficiencies within the business.This represents 14 percent of its full time staff complement.The restructuring is to drive greater efficiencies within in the business to continue delivering cost effective solutions to its clients in an industry currently characterised by constant technological disruption and innovation.Nicky Newton-King, Chief Executive Officer of JSE Ltd, the bourse plans to reduce its technology operating expenditure by a minimum of R70 million (US$5,2 million) over a two-year period.Once completed, these initiatives will result in annualised cost savings of nearly R170 million which will be fully realised from 2019 onwards.This is in addition to the nearly R65 million annualised savings already achieved to date through a combination of removing vacancies and reducing discretionary spend.Newton-King said the JSE was refreshing its IT operating structure to align to best practice.“At the same time, our large dependency on IT requires that we look at using technology in a more agile manner to support the execution of our business strategy.”Newtown-King said globally, securities exchanges and other players in the financial services industry were adjusting the way in which they operated in response to changing regulatory requirements and the fast-pace of technological developments.
In addition, on a macro-economic level, South Africa continued to be plagued with low economic growth, rating downgrades and a loss of business confidence.“This has negatively impacted market activity,” the executive said.
– CAJ News

Short URL: http://cajnewsafrica.com/?p=21044

Posted by on Jul 7 2017. Filed under Africa & World, Featured, Finance, Investing, National, News, Regional. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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