(Alliance News) - IG Group Holdings PLC on Tuesday said it is taking steps to streamline its business, including cutting its worldwide headcount by 10%.
The London-based online trading provider said it will lay off 300 staff members, or 10% of its workforce, in a bid to save costs and become a "lean fintech company".
It will undertake other "efficiency measures", including expanding use of its global centres of excellence, and expects to deliver full run rate cost savings of GBP50 million per year over the medium term.
It anticipates structural savings of GBP10 million in financial 2024, GBP40 million in financial 2025 and GBP50 million in financial 2026.
These initiatives are expected to drive operating margin expansion over the medium term.
Acting Chief Executive Charlie Rozes said: "We want to position IG Group as a lean fintech company and today's decisive actions ensure a strong platform for future growth. We will continuously evaluate and pursue cost efficiency opportunities to create a more agile and scalable organisation. Full support will be provided to our people throughout this process, and while these decisions are not easy to take, they will ensure the business is well positioned for continued long-term success."
Shares in IG Group were up 3.1% to 660.00 pence each in London on Tuesday morning.
By Sophie Rose, Alliance News reporter
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