https://www.engineeringnews.co.za

JSE’s cost savings drive to result in 60 job cuts

7th July 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

The JSE plans to reduce its technology operating expenditure by a minimum of R70-million over a two-year period, which will also result in the stock exchange reducing its staff complement by 60 people.

Noting that the plans form part of its ongoing cost optimisation drive, JSE CEO Nicky Newton-King said, globally, securities exchanges and other players in the financial services industry were adjusting how they operate in response to changing regulatory requirements and the fast pace of technological developments.

“In addition, on a macroeconomic level, the country continues to be plagued with low economic growth, ratings downgrades and a loss of business confidence. This has negatively impacted on market activity.

“We are focused on preparing the JSE to meet these challenges head-on. The fast-moving nature of our business requires us to change the way in which we operate so that we are as nimble and as cost effective as possible.  We cannot do so without significantly rethinking our cost base, our operating model and the way we are structured as a business,” she added.

The JSE was refreshing its information technology (IT) operating structure to align to best practice. “At the same time, our large dependency on IT requires that we look at using technology in a more agile manner to support the execution of our business strategy.”

Once completed, these initiatives will result in yearly cost savings of nearly R170-million, which will be fully realised from 2019 onwards.

This is in addition to the nearly R65-million yearly savings already achieved to date through a combination of removing vacancies and reducing discretionary spend.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.064 0.113s - 157pq - 2rq
Subscribe Now