ASX (ASX:ASX) started a redundancy process that could eliminate dozens of positions amid efforts to boost operational efficiency as the exchange operator faces regulatory pressure, the Australian Financial Review reported Tuesday, citing anonymous sources.
The company started its consultation process with affected employees Monday, with around 100 jobs estimated to be affected. A final headcount will be announced next week, sources told the Australian Financial Review.
In a separate memo seen by the publication, ASX Chief Executive Helen Lofthouse described the redundancies as "difficult and unsettling" but necessary to "find efficiencies" and enable the company to redirect resources.
The planned job cuts come as ASX faces regulatory scrutiny following a technical outage in December 2024.
In late March, the Reserve Bank of Australia and the Australian Securities and Investments Commission downgraded their assessment of ASX Clear and ASX Settlement's compliance with the "operational risk" standard from "partly observed" to "not observed" following its probe into the incident.
ASX did not immediately respond to a request for comment by MT Newswires.
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