NEW YORK (AP) -- The Nasdaq Stock Market said Wednesday it is cutting 137 jobs, or roughly 10 percent of its work force, because of a steep drop-off in its initial public offering business.
The cuts, which were spread across the organization, were announced internally Tuesday and Wednesday, according to spokesman Andrew MacMillan.
He said no further layoffs are expected and the move should not affect the market's efforts to go public and become the first for-profit stock exchange in the United States. The last time the Nasdaq cut jobs was in the 1970s.
The Nasdaq had hosted and collected listing fees from 25 IPOs this year as of Friday, compared with 198 during the same period a year ago, MacMillan said. Daily average trading volumes have also weakened since the first quarter of the year.
''This is all in response to market conditions, the softer economy,'' he said.
The move was not a surprise. In May, the Nasdaq sent an internal memo to employees suggesting job cuts were likely.
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