Nasdaq Stock Market Plans to Cut 137 Jobs

The Nasdaq Stock Market is cutting its work force by 10% after a drop in new stock listings and a recent slump in trading volume. Nasdaq will cut 137 of 1,343 jobs.

An 87% decline in new listings from the first part of last year has squeezed Nasdaq, which relies on listing fees to help fund operations. Also, trading volume slacked off in April and May, after a robust first quarter when it rose 20% from the first three months of last year, a spokesman said.