May 2, 2018 / 5:07 PM / in a year

Deutsche Boerse to cut 300 jobs in cost-cutting drive: Handelsblatt

FILE PHOTO: The German share prize index (DAX) board and the trading room of Frankfurt's stock exchange (Boerse Frankfurt) are photographed with a circular fisheye lens during afternoon trading session in Frankfurt, Germany, February 23, 2016. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) - Deutsche Boerse AG (DB1Gn.DE) plans to cut around 300 jobs as new CEO Theodor Weimer seeks to lower operating costs by 100 million euros ($120 million) through to 2020, Handelsblatt reported on Wednesday.

The business daily, citing unnamed sources familiar with the matter, said Weimer hoped to achieve the headcount reductions by offering older staff buyouts or early retirement.

“This will all be cushioned in a socially sensible way,” the newspaper quoted one source familiar with the matter as saying.

Deutsche Boerse named Wiemer, a former UniCredit banker, as CEO last November after Carsten Kengeter resigned amid an insider trading investigation.

Kengeter, who denied wrongdoing, had led talks on merging Deutsche Boerse with the London Stock Exchange (LSE.L) that unraveled after Britain’s referendum vote to leave the European Union.

Handelsblatt, citing company insiders, said few staff had been offered buyouts while Kengeter was at the helm and there would be willing takers if offers were made now. Deutsche Boerse employs more than 5,640 people.

Deutsche Boerse declined to comment on the report.

($1 = 0.8366 euros)

Reporting by Douglas Busvine and Tom Sims; Editing by Elaine Hardcastle

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