BBC: NYSE to Slash Fifth of Workforce (Oh, the Irony!)

[NashVegas]

NYSE Group - which owns the largest US exchange - has said it plans to dismiss almost 18% of its employees.

The group said it would cut around 520 staff following its March takeover of the Archipelago Holdings, an electronic trading platform.

...

So far he has axed almost 35% of its workforce - or almost 935 jobs. The latest round of cuts will include more than 120 consultants.

News of the latest job losses came a week after the NYSE said it would close down one of its five trading rooms around Wall Street as part of its overhaul.

The cuts come as the company is trying to gain shareholder and regulatory approval for its $20bn merger with the pan-European Euronext exchange.

http://news.bbc.co.uk/2/hi/business/6130570.stm

As someone who once lost a job because my company was trying to get loans to swallow another, and had to show it was trimming for the bottom line, this just brings tears to my eyes.