The IG Group has announced plans to slash its staffing levels by 10%

Tuesday saw the British online trading platform IG Group announce that, in an effort to reduce costs and become a smaller fintech company, it would be reducing 10% of its workforce.

As the number of active consumers on its platforms drops due to challenging market circumstances and an impact on customers' disposable income from rising borrowing prices and a squeeze on the cost of living, IG Group is attempting to increase its profits.

By the end of the 2023 fiscal year, IG Group predicted that it would have cut roughly 300 jobs globally. It also stated that the overall efficiency initiatives should result in full run-rate cost savings of £50 million annually.

According to the corporation, non-recurring expenses totalling roughly 18 million pounds will be divided over the fiscal years 2024 and 2025 in order to accomplish the savings.

In contrast to 279,300 users a year earlier, Instagram reported last month that its total active users across all markets and products decreased to 267,000 during the first quarter, which concluded on August 31.

The second quarter of London's financial services jobs market saw a dip, according to specialised recruiting firm Morgan McKinley, which reported on Monday. The company attributed this to a slowdown in hiring throughout the summer and the end of the post-pandemic resilience shown in many financial organisations.

In comparison to the prior year, the 2023 London Employment Monitor reports that in the second quarter of the city, there was a 34% decrease in job seekers and a 31% decrease in positions available in the financial sector of London.

(Sources: investing.com, reuters.com)