IG Faces Hundreds Of Job Cuts In Global Restructure

IG Group is preparing to eliminate hundreds of jobs as the online trading company consolidates its consumer operations across several regions, putting pressure on a workforce that stood at about 2,300 employees.

The planned reductions emerged as IG reshapes its business following a strategic review, with redundancy consultations already under way in the United Kingdom and further discussions expected across several international markets during September. Employees in countries including Poland, France, Spain, Sweden, Switzerland, Germany, Italy, Bermuda, the United Arab Emirates and India are expected to be affected by the wider reorganisation.

The scale of the cuts has not been publicly disclosed, leaving employees and investors waiting to see how deeply the restructuring will reach. IG has also not specified which functions will bear the largest impact, how much the exercise is expected to save, or what restructuring costs the company may incur.

The job reductions form part of a broader effort to bring IG's regional consumer businesses under one organisation. The company announced in July that its UK and Ireland, European, Asia Pacific and Middle Eastern consumer operations would be brought together under a new division known as IG Consumer.

The consolidation extends beyond traditional trading operations. Customer facing technology teams, operations, Freetrade and cryptocurrency business Independent Reserve are also being incorporated into the division. Michael Healy has been appointed chief executive of IG Consumer, while the company's North American and institutional businesses will remain outside the new structure.

The timing of the restructuring is likely to attract particular attention because IG is simultaneously pursuing expansion elsewhere. The company announced plans in July to acquire US prediction markets operator Underdog in a transaction valued at up to about $1.3 billion, subject to regulatory approval. The combination of a major acquisition and substantial workforce reductions highlights the increasingly selective approach being taken by financial trading firms as they reassess where capital and personnel should be deployed.

IG's latest cuts would also represent its most significant workforce reduction since 2023, when the company announced plans to remove roughly 300 positions. The wider trading industry has faced similar pressure this year, with other financial technology and brokerage companies reducing headcount as they seek to control expenses and adjust their operating models.

IG has not attributed the latest job reductions directly to artificial intelligence. Instead, the company has described the restructuring as part of its strategic review and an attempt to create a more efficient organisation while improving customer service.