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IG Group to cut 300 jobs in streamlining operation

By Hugh Fort in UK Business News, posted November 1, 2023

IG Group has announced plans to eliminate jobs in an effort to optimize its operations.

The digital trading platform will reduce its global staff by around 300, which is 10 percent of its total workforce.

In addition to other 'efficiency strategies,' like expanding the role of global excellence centers, the company anticipates that these changes will result in yearly savings of £50 million.

For this fiscal year, the firm projects £10 million in structural savings, followed by £20 million in the subsequent year, and £50 million in the year after that.

Like numerous other retail investment companies, IG has experienced a decline in trading volumes due to economic uncertainties.

Acting CEO, Charlie Rozes, said: "Our aim is to establish IG Group as a streamlined fintech firm. The steps we're taking today lay a solid foundation for future expansion.

"We'll consistently seek cost-saving opportunities to build a more flexible and scalable company. We're committed to supporting our staff during this transition.

"These choices, while tough, will set the company on a path to sustained success."

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Rozes assumed leadership two months prior, succeeding June Felix who stepped down as CEO due to health concerns.

Huge growth during Covid Pandemic

Under Felix's five-year tenure, IG witnessed remarkable growth, especially during the Covid-19 pandemic when there was an influx of novice investors attracted by the volatile stock market.

During this period, IG acquired online broker Tastytrade, enhancing its footprint in the US retail options and futures sector.

This acquisition, along with interest rate increases and the growth of its exchange-traded derivatives segment, propelled IG's yearly revenue to surpass £1 billion for the first time last year.

On Tuesday afternoon, IG Group's shares rose by 1% to 646.5p, but they have seen an 18% decline since the start of the year.

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