Key facts
- IG Group's shares plunged after it cut its annual revenue forecast.
- The company reported a decline in group revenue.
- IG Group is cutting hundreds of jobs.
- The layoffs are part of a strategic review and organizational model refresh.
- IG Group recently agreed to acquire US-based Underdog for $1.3 billion.
IG Group's shares experienced a significant drop in early trading following a reduction in its annual revenue forecast and a reported decline in group revenue. The online trading platform is also implementing substantial job cuts as part of a strategic review aimed at enhancing efficiency.
Sky News reported that IG Group is laying off hundreds of employees, a move described by a source as the largest round of cuts since 2023. The company's headcount, which stood at approximately 2,300 at the end of June, is expected to be significantly reduced. Michael Healy, the new chief executive of IG Group’s consumer division, communicated the changes to staff, with initial discussions held in the UK and further communications planned for other markets in September.