TMX Group Inc. will cut 85 jobs, or 10% of its workforce, as it consolidates its operations, the owner of the Toronto and Montreal stock exchanges announced today.

The cuts to corporate support and operational positions, which will take place over 14 months, will see TMX Group’s data centres and offices merged.

“In the current financial context, we see great opportunities to create efficiencies for our customers while further developing the risk management portion of our business, which is a key component of the Montreal Exchange,” said Luc Bertrand, the deputy CEO of TMX Group and the president and CEO of the Montreal Exchange, in a releae.

At the same time, TMX Group said future initiatives will see it add 30 jobs in clearing, technology and application development in its Montreal office.

The company said the new plans are forecast to eventually generate about $10 million in annual revenue.

The merger of TSX Group and Montreal Exchange was completed on May 1 of this year.

“Our plan includes the investment in new business and product initiatives to better serve our customers’ needs, particularly in the derivatives sector, while at the same time, achieving cost synergies by realizing efficiencies in data centre operations and corporate support functions,” said Tom Kloet, CEO, TMX Group.

“While it is unfortunate that we cannot retain all of our employees in the combined organization, I am confident that we have developed the best structure to ensure the success of TMX Group going forward,” added Kloet.

IE