London Stock Exchange to cut 250 jobs, drops margin target GlobeBusiness
The new boss of the London Stock Exchange Group Plc announced a round of job cuts on Friday as the bourse prepares for Brexit after delivering annual results that met expectations.
The LSE’s pan-European share trading platform Turquoise has applied for a licence to open a hub in Amsterdam to serve EU customers after Brexit, and Schwimmer said authorization from Dutch regulators was imminent. “The margin guidance for 2019 always struck us as irrelevant, and we had nothing like this in our numbers, so we think jettisoning this is sensible,” Bank of America Merrill Lynch said in a note to clients.The LSE said its adjusted operating profit rose 15 percent to 931 million pounds in 2018 while total income rose 9 percent to 2.14 billion pounds.
LSE’s post trade services unit, which includes clearing, settlement and custody activities, reported a 13 percent rise in revenue from LCH, the clearing house.
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