NYSE Euronext and Deutsche Börse have left analysts confused as to how they will achieve the €300m in cost savings to help underpin their proposed merger, after it emerged that the combined group may employ more people than the two separate exchanges do today.

In a presentation on the deal, the two exchanges said the combined group would employ approximately 6,470 staff. This is around 170 more than the two exchanges currently employ. According to the exchanges, NYSE Euronext has 2,971 staff and Deutsche Börse has 3,333. An investment bank analyst said the exchanges were deliberately playing down the prospect of redundancies: "There will be job losses but it's a politically sensitive issue and it makes sense to leave it until last."