Broker Newedge says may split execution, clearing
PARIS/NEW YORK (Reuters) - French broker Newedge, owned by Credit Agricole (CAGR.PA) and Societe Generale (SOGN.PA), said it was considering a split of its asset execution and clearing businesses as part of a wider restructuring aimed at making it more competitive.
The derivatives specialist, which has been up for sale for the past year, also plans to "simplify" its activities and geographical reach to focus on core strengths.
"The plan presented today follows a strategic review of our business and is a measured, informed response to the challenges facing the industry," Newedge Chief Executive Nicolas Breteau said in a statement.
The restructuring announcement followed a presentation to local employee representatives, the company said. It did not provide any details on possible job cuts at the unit, which employs 3,000 people in 16 countries.
(Reporting By Christian Plumb and Josephine Mason; Editing by Elaine Hardcastle)
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