The CEO of the London Stock Exchange Group (LSE) has confirmed that 250 staff will be cut 2019 across operations to save money, in preparation for the UK leaving the EU. David Schwimmer said the decision would save the organisation £30m ($40m) in this year, but predicted its 55% core earnings margin target would still not be met. The LSE has applied for a licence to operate an Amsterdam hub to serve EU customers post-Brexit through its pan-European share trading platform Turquoise. If a deal is struck between the UK and EU, business would remain in London, Schwimmer said.
The CEO of the London Stock Exchange Group (LSE) has confirmed that 250 staff will be cut this year across operations to save money, in preparation for the UK leaving the EU. David Schwimmer said the decision would save the organisation £30m ($40m) in 2019, but predicted its 55% core earnings margin target would still not be met. The LSE has applied for a licence to operate an Amsterdam hub to serve EU customers post-Brexit through its pan-European share trading platform Turquoise. If a deal is struck between the UK and EU, business would remain in London, Schwimmer said.