TORONTO -- TMX Group Ltd. (TSX:X) is cutting jobs in an effort to reduce costs.
The operator of the Toronto Stock Exchange says it's eliminating 95 full-time positions and about 20 consultants and contractors.
It expects the majority of the cuts will be complete by the end of the first quarter of 2017.
TMX Group chief executive Lou Eccleston says the company has simplified its organizational structure and business support systems.
TMX says it hopes the cuts will save it $8 million to $10 million a year on an annual basis by the end of this year and an additional $3 million to $5 million annually by the end of 2017.
It expects the cuts to cost $15.0 million to $17.0 million in severance related to the decision.
