JSE to cut 60 jobs and save R170-million

The Johannesburg Stock Exchange

The Johannesburg Stock Exchange (JSE) building in Sandton. It has operated as a market place for the trading of financial products for nearly 125 years.

JOHANNESBURG - The Johannesburg Stock Exchange (JSE) is undergoing a programme that includes around 60 job cuts.

According to the Stock exchange, this will produce savings of about one hundred and seventy million rand.

Chief executive Nicky Newton-King attributes South Africa’s low economic growth and credit downgrades for the decision.

For the first time in eight years, South Africa is currently in a technical recession.

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The JSE, which employs around 430 staff, will also cut its technology operating expenditure.