(NASDAQ) Stock market trimming 10% of work forcegreenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
Nasdaq cuts 140 jobs Stock market trimming 10% of work force, cites weak market conditions June 27, 2001: 10:39 a.m. ET NEW YORK (CNNfn) - The Nasdaq Stock Market said Wednesday it is cutting 140 jobs, or 10 percent of its work force, citing a decline in the new issue business and in the number of initial public offerings due to continued weakness in the market.
Nasdaq, which is run by the National Association of Securities Dealers (NASD), is the second-largest U.S. stock market, with about 1,300 employees and nearly 4,600 companies listed.
"Nasdaq is not immune to changes in market conditions. We will continue to actively manage our business in response to both the challenges and the opportunities in the marketplace. With the changes we are making we believe that we will be correctly sized for the current and foreseeable market conditions," CEO Wick Simmons said.
Nasdaq said the cuts will not affect its plans to implement strategic upgrades to its electronic systems, including SuperSoes; Primex, a new electronic auction system; and SuperMontage, which is Nasdaq's next-generation trading platform, scheduled to debut in 2002.
Plans for Nasdaq's IPO have been in the works since 1999 when it and the NASD began studying restructuring options. In April, Nasdaq said it was speeding up its plans to become a publicly traded company and expected to launch an initial public offering in 2002
-- PHO (firstname.lastname@example.org), June 27, 2001