London Stock Exchange Group has today announced a round of job cuts after posting in-line results under its new boss, former Goldman Sachs veteran David Schwimmer, as the bourse readies for Brexit.
David Schwimmer took over the reins at the LSE last August.
He said businesses, including those perceived to be most exposed to Britain's impending exit from the European Union such as clearing, continue to perform well, with no change in market position.
The exchange said it would cut 250 staff in 2019 to generate £30m in annual savings, but that it would not meet its target of core earnings margin of about 55% in 2019 as it spends on the business.
The bourse was already putting in place plans in case Britain leaves the European Union with no deal next month to avoid potential disruption to markets.
"As a systemically important financial markets infrastructure business, the group has a responsibility to ensure the orderly functioning of markets and continuity of service for its customers, shareholders and other stakeholders," Schwimmer said.
"The Group continues to advocate strongly for a defined implementation period and the prevention of the fragmentation of regulatory systems designed to make financial markets efficient, stable and safe," he added.
The LSE said its adjusted operating profit rose 15% to £931m for the twelve months ended December 31, while total income rose 9% to £2.14 billion.
Analysts had expected adjusted operating profit of £932m, with total income of £2.13 billion according to company supplied estimates from 14 analysts.
LSE's post trade services unit, which includes clearing, settlement and custody activities, reported a 13% rise in revenue from LCH, the clearing house.
LSE's LCH dominates euro swaps clearing.
Europe's financial markets regulator has given UK-based derivatives clearing houses permission to continue serving EU clients in the event of a no-deal Brexit – a major boost to London's battle to remain the central market for euro clearing.