Exclusive Exclusive: Deutsche Börse Chief Kengeter Hopes To Cut Jobs By Attrition

Deutsche Börse and London Stock Exchange plan to cut about 1,250 jobs as a result of their planned merger, but the German stock exchange’s chief executive told Handelsblatt he wants to avoid layoffs and will reduce jobs by attrition instead. “It is very important to us that this cutback happen in a socially acceptable manner,” Deutsche Börse CEO Carsten Kengeter, who will also become chief executive of the new joint holding company, told Handelsblatt. That means positions that open up will not be filled. While the merger will also create new jobs, Mr. Kengeter said that about 700 jobs would be lost, from across both companies and numerous locations. “Both sides are going to be affected in a balanced way,” Mr. Kengeter said. Employees shouldn’t expect any future rounds of cuts. “The numbers in the merger plan are fixed,” he said, adding that the point of the merger was to achieve growth and not restructuring. Deutsche Börse and LSE are hoping to create a European stock exchange giant through a “merger of equals” that was announced earlier this year. The takeover offer, details of which were announced on Wednesday, promises millions of euros in savings for shareholders. LSE shareholders will decide whether to approve the deal on July 4. Regulatory approval is also still pending.   Read the full story in Thursday’s Handelsblatt Global Edition at 12:00 CET. Picture source: DPA