Derivatives marketplace CME Group has laid off around 100 people, or three per cent of its workforce.

However, spokeswoman Laurie Bischel told Bloomberg that the company “plans to reallocate” the majority of those positions to new, cloud-focused technology roles and that overall headcount will “remain about the same”.

Recent research by Bloomberg found that Wall Street’s biggest banks had trimmed their workforce by a combined total of around 21,000 people in the first six months of the year amid a fall in dealmaking and capital markets activity.

Bloomberg found that Citigroup allocated $450 million in severance costs so far this year after it axed 5,000 roles, while Morgan Stanley disclosed a $308 million hit from its job cuts.

JPMorgan Chase also recently announced it would cut around 40 investment banker roles in North America.

Sources told Bloomberg the staff reductions were “typical given the economic environment” and that the bank continues to hire executives and bankers in other key areas of the business.

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