Nasdaq is planning to cut hundreds of jobs as it integrates software provider Adenza into its business — an acquisition it closed last year amid efforts to propel a new phase of expansion at the firm.
Nasdaq is considering cutting some positions and may reallocate others in a bid to minimize redundancies, according to people familiar with the matter. Nasdaq expects to integrate Adenza's New York and London offices into its own locations amid the changes, which are global and aimed at streamlining operations, the people said, asking not to be identified discussing a private matter.
A representative for Nasdaq declined to comment.
Nasdaq has expanded beyond its roots as an exchange where stocks and bonds are traded to a technology provider of services like trade surveillance and analytics tools. The $10.5 billion acquisition of Adenza — the largest deal in the company's history — was the culmination of this effort to boost revenue sources beyond the volatile trading business.
The move comes as the financial world — among other industries — has been shedding thousands of jobs in recent months to keep a lid on costs. UBS Group
Adenza was formed after former owner Thoma Bravo
The company is looking at ways to optimize certain teams and technology after a review of its offices and organizational structure following the deal, the people said. That work is still in its early phase and the strategy could change, they said, noting that a final number of roles that will be affected has not been decided on.
Nasdaq had
While Nasdaq is the second-largest stock exchange in the U.S., it now bills itself as a technology company. Under Chief Executive Officer Adena Friedman's leadership, it's shifted the business model to become less dependent on revenue from data and transactions that tend to rise and fall with the markets.
The company is scheduled to report fourth-quarter results on Wednesday. Shares in the firm closed at $58.45 on Tuesday.
