Exchange operator Nasdaq to cut hundreds of jobs – Bloomberg News

(Reuters) – Exchange operator Nasdaq is planning to cut hundreds of jobs as it integrates fintech firm Adenza into its business and may reallocate others in a bid to minimize redundancies, Bloomberg News reported on Tuesday.

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 report said, citing people familiar with the matter.

The company, which had agreed to buy Adenza for $10.5 billion in June last year, declined to comment on the report.

The move follows Citigroup letting go off managers and Bank of America laying off dealmakers in Asia as recently as this month.

(Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Shilpi Majumdar)