Staff at German stock exchange operator Deutsche Boerse will fight plans they say will cut 300 out of a total of 3,000 jobs at the company, the Euro am Sonntag newspaper said.
"We will not accept without a fight this redundancy programme and are thinking about counter measures," works council head Johannes Witt was quoted as saying in a summary of a story due to appear on Sunday.
Witt, who is a member of the Deutsche Boerse supervisory board, said that workers feared that redundancies could reduce performance and lower the quality of the exchange's trading platform and hence its reputation. Deutsche Boerse had said on Tuesday it planned to make savings of 100 million euros per year from 2010 onwards.
Most of the savings should be achieved in procurement costs and office rentals, the company said. Job reductions would be amicable and socially acceptable and the company would also attempt to create some new employment opportunities, it said. Witt said he was sceptical about this statement and feared that restructuring measures could lead to 300 sackings.
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