Amex could see layoffs after NYSE deal: report

Source: Market Watch

8:17 a.m. EDT May 5, 2008

BOSTON (MarketWatch) -- Roughly 75% of the workers at the American Stock Exchange could lose their jobs after the exchange is acquired by NYSE Euronext, according to a published report Monday.

The American Stock Exchange would cut about three-quarters of its staff if the planned takeover by the operator (NYX:nyse) of the New York Stock Exchange goes through, people familiar with the situation told The Wall Street Journal. The deal, announced in January, is for $260 million in stock plus the proceeds from the sale of the Amex's headquarters in Lower Manhattan.

When the proposal was made, the Amex had about 380 employees. The Big Board would keep about 100 to 120 of them, the newspaper said, since the exchanges' operations overlap in all areas.

A spokesman for NYSE Euronext didn't immediately return a request for comment Monday morning.

The brokers and traders who work on the floor of the options, stock and exchange-traded fund market at the Amex wouldn't be affected by the staff reductions, according to the report.


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I mean these are the assholes that have brought us our depression. The economy is going to shit because of the lying and cheating on the stock market. It's not like 5000 factory workers in Detroit are out of work. There are also hardly blue collar workers. Most of them make in one day what I make in a year.

But still, lay off suck no matter who you are. and it's not like these are rich executives, they are just the consciousless minions who did everything their evil overlords told them to do.

bummer about the job losses, but otherwise, I really don't care.

Traders wouldn't be impacted, it's the behind-the-scenes support staff that would be fired.

Exchanges serve as market-makers, uniting people who want to buy a stock with people who want to sell one, providing an orderly and transparent transaction between them.

Direct your bile to speculators and hedge fund traders, with whom you've confused stock exchange staff. Although, again, your caricature overlooks the reality that most of them work in service to the large capital pools that fund insurance, pensions, universities, and state and local governments. In other words, they serve the large majority of all of us. Without liquidity provided by financial markets, you get the USSR ca. 1940.