UK's IG Group says it expects to cut 10% of workforce

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Oct 31 (Reuters) - British online trading platform IG Group (IGG.L) on Tuesday said it would cut 10% of its headcount as part of cost-saving measures to drive operating margin expansion and become a leaner fintech firm...

IG Group is trying to bolster its margins as the number of active clients on its platforms declines because of tough market conditions and a hit to customers' disposable income due to a cost-of-living squeeze and rising borrowing costs...

IG Group said it expected to reduce about 300 positions worldwide by the end of fiscal 2023, adding that the overall efficiency measures are expected to deliver full run rate cost savings of 50 million pounds ($60.7 million) per year...

Full story at Reuters | 

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