Swiss stock exchange operator SIX to cut 150 jobs in efficiency drive

Stock exchange operator SIX announces job cuts for 2025 Keystone-SDA

Swiss stock exchange operator SIX has announced up to 150 job cuts in 2025, including in Switzerland.

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SIX wants to boost efficiency and profitability amid tough competition. As part of a three-year plan, up to 150 jobs could be cut this year.

SIX is targeting mid-single-digit revenue growth by the end of 2027, the Group announced on Wednesday. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) are set to rise from 28% in 2024 to over 40%. The company plans to speed up its organic and inorganic growth strategy and make better use of its business mix.

The plan is to cut costs by over CHF120 million ($135 million) in the next three years, potentially reducing around 150 jobs across the Group by the end of 2025. However, natural turnover and early retirements will partially offset these reductions. Last year, operating expenses rose to CHF1.14 billion, up 4.1%.

Switzerland affected

The job cuts will impact all business areas and regions, a SIX spokesperson told the news agency AWP. “We’re not disclosing the number of job losses at each location right now,” they said. However, Switzerland will also see reductions.

By the end of 2024, SIX employed about 4,430 people, according to the annual report released on Wednesday. Of these, roughly 2,310 were in Switzerland (52%) and around 1,020 in Spain (23%), with the rest spread across Poland, India, France, the UK and other countries.

In Switzerland, the number dropped by 1.4% last year, while in Spain it grew by 9.6%. Overall, SIX saw a 6.5% increase in employees compared to the end of 2023. The Swiss company acquired the Spanish stock exchange BME for around €2.6 billion (CHF2.5 billion) in the summer of 2020.

Worldline burdens results again

Meanwhile, operating income rose by 4% year-on-year to CHF1.59 billion in 2024. EBITDA increased to CHF443.7 million, up 3.6%. However, earnings before interest and taxes (EBIT) were impacted by a CHF167.7 million value adjustment on the investment in French payment provider Worldline, resulting in a net profit of CHF38.7 million.

The previous year, SIX reported a loss of CHF1.01 billion. This was largely due to issues with Worldline and a significant write-down at the Spanish stock exchange.

Shareholders will now receive a 10 centime increase in their dividend, bringing it to CHF5.30 per share for 2024.

SIX is owned by around 120 financial institutions, which are also its customers. UBS holds a 34.5% stake.

Translated from German with DeepL/sp

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