A plan to eliminate 520 jobs at the
New York Stock Exchange
will result in a $28 million fourth-quarter charge.
, the Big Board's parent, disclosed the charge in a regulatory filing Monday. The exchange announced it was laying off 18% of its workforce last week. The exchange has now cut its workforce by a third in 18 months.
The latest cuts "reflect ongoing initiatives to cut costs and improve efficiencies, eliminate duplicate services, and leverage synergies" from its merger with Archipelago in March, NYSE says. The cutback will cull 400 employees and 120 full-time consultants from the NYSE, NYSE Arca and Securities Industry Automation.
The Big Board has been trying to cut $200 million in costs. The exchange said during its recent third-quarter earnings call that it was well on its way to reaching $100 million in cost savings by the end of the year.