LONDON, UK: IG Group, a London-based financial services company, is taking steps to make its business more efficient and profitable. The company plans to cut about 300 jobs, or 10% of its staff, by the end of FY23.

It also aims to save £50 million a year by using its global hubs more effectively and improving its operations. These measures will help the company grow faster and offer better services to its clients.

The company expects to see the benefits of its cost-cutting plan over the next three years. It will save £10 million in FY24, £40 million in FY25 and £50 million in FY26. In addition, it will reduce its variable costs by another £10 million in FY24 due to weaker market conditions in Q1 and Q2.

The company will incur about £18 million in one-off costs to implement its plan over FY24 and FY25.

Charlie Rozes, the interim CEO of IG Group, said: “We are transforming IG Group into a lean fintech company and today’s actions will strengthen our foundation for growth. We will keep looking for ways to make our organisation more agile and scalable. We will support our staff throughout this process, and although these decisions are hard, they will ensure our long-term success.”

IG Group will report its H1 FY24 results on 25 January 2024, as previously announced.

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