Trading platform IG is set to eliminate 300 positions in an effort to reduce expenses during a period of decreased speculative activity by investors.
The firm, which is a sponsor of the England cricket team, announced its intention to cut 10% of its global workforce as a part of a strategy to achieve annual savings of £50 million by 2026.
This announcement follows the company’s disclosure of an 8% decrease in its principal derivatives trading revenue during the first quarter of its financial year.
Interim CEO Charlie Rozes commented:
“We are aiming to transform IG Group into a streamlined fintech entity, and the decisive measures we are taking today lay a solid foundation for future expansion.
We will remain proactive in identifying and implementing cost-efficiency initiatives to build a more flexible and scalable organization.
Throughout this transition, we are committed to providing full support to our employees. Although these are tough decisions to make, they are crucial to ensuring the company’s sustained success in the long run.”
