(Bloomberg) -- London Stock Exchange Group Plc is weighing cutting about 200 jobs after executives conducted a review of its business around the world, according to people familiar with the matter.
The cuts would affect less than 1% of the data behemoth’s workforce globally and largely impact the firm’s sales division, the people said, asking not to be identified discussing personnel information.
As is typical in the UK, the company will conduct a consultation process with employees affected by the decision, the people said. A representative for LSEG declined to comment.
Although it’s best known for operating the London Stock Exchange, LSEG now makes most of its money from data services, having completed the $27 billion purchase of Refinitiv in 2021. The parent company of Bloomberg News competes with Refinitiv to provide financial news, data and information.
The potential job cuts come as LSEG reported revenue gains across each of its five major business lines in the third quarter. Still, the company has been warning that revenue growth in some of its divisions has slowed after subscription contracts it previously had with Credit Suisse were cancelled in the aftermath of its takeover by rival UBS Group AG.
LSEG has 25,000 employees and maintains significant operations in more than 60 countries across Europe, the Middle East, Africa, North America, Latin America and Asia Pacific, according to its website.
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