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November 14, 2006

Nymex Cuts 43 Jobs Pre-IPO

posted by MR WAVETHEORY at 11/14/2006 06:30:00 AM
There will be 43 fewer people to clean up the paper mess at NYMEX this week.

Did they really have to wait until the week of the IPO to announce this? Fire people right before the IPO at Nymex Holdings Inc. (NYSE NMX)?

The job cuts are part of a plan the 134-year-old exchange is calling "reduction in force," which has been put in place to trim fat as it prepares to list on the New York Stock Exchange.

The world's largest energy-futures trading platform and the nation's third-largest futures exchange has reduced its workers to 505, from 548 as of Aug. 23, Nymex spokeswoman Anu Ahluwalia said Friday.

I wonder whose idea this was. Would you call this an example of poor timing?

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