Deutsche Börse Group, operator of Eurex and International Securities Exchange, is bringing in US management consultancy McKinsey for large scale restructuring, a person familiar with the matter has told Futures and Options World.

“Some 20% of all senior experts and upwards will go from Deutsche Börse group,” the source said. A group spokesperson in Frankfurt refused to confirm the exact number.

The source suggested the bulk of cuts would be made in Frankfurt, but the spokesperson said that this had not yet been decided.

Reto Francioni, CEO of Deutsche Börse, addressed staff in a live webcast at 4pm in Frankfurt, outlining the plans. Francioni said the restructuring will cost the group €40m, and lead to annual cost savings of €50m.

Eurex, along with US options exchange, International Securities Exchange, is jointly operated by Germany’s Deutsche Börse Group and Switzerland’s SIX Swiss Group. All Eurex employees are employed by Deutsche Börse with SIX providing technology.

Deutsche Börse Group published its 2009 results yesterday. It made a net loss of €33m in the fourth quarter of 2009. Over the whole year it posted a net income of €496.1m, down 52% from 2008.

For Eurex, total sales revenue for the quarter was €190.4m and total costs were €561.1m. The loss before interest and tax was €367.7m. In 2009 as a whole, Eurex took in sales revenue of €804m and total costs were €935.6m. Earnings before interest and tax were €37.8m.

Deutsche Börse’s share price has fallen from a high of €135 in December 2007 to €47.61 a short time ago in Frankfurt.

Tom Osborn +44 207 779 8361 tosborn@fow.com

Sian Williams +44 207 779 8370 swilliams@fow.com