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NYSE to Wield Sharp Ax With Amex: Report

The Big Board operator could lay off three quarters of the smaller exchanges workers after a planned merger goes through, <I>The Wall Street Journal</I> reports.
Author:

NYSE Euronext

(NYX)

could lay off three quarters of the American Stock Exchange when the exchanges complete their merger later this year, according to

The Wall Street Journal

.

The $260 million, all-stock deal,

reached in January

, is expected to be completed in the third quarter. According to the

Journal

, NYSE is expected to keep only about 100 to 120 of Amex's 380 employees.

Amex's traders and brokers who work on the exchange's stock, options and exchange-traded funds floors would not be affected by he cuts, according to the paper.

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NYSE is expected to report first-quarter earnings Tuesday. Rival exchanges, including

CME Group

(CME) - Get CME Group Inc. Class A Report

,

Nymex Holdings

(NMX)

and

InterContinental Exchange

(ICE) - Get Intercontinental Exchange, Inc. Report

have reported soaring trading volumes when they reported in recent weeks, due to the market's first-quarter volatility.

This article was written by a staff member of TheStreet.com.