By Christian Moess Laursen
IG Group Holdings said it is starting cost-efficiency measures to streamline its business, including a 10% reduction of the work force, and expects to save 50 million pounds ($60.8 million) yearly by fiscal 2026.
The online-trading company said Tuesday that the efficiency measures are expected to drive operating margin expansion over the medium term.
The London-listed company anticipates structural savings of GBP10 million in fiscal 2024 as well as savings of GBP40 million and GBP50 million in the two following fiscal years.
“We want to position IG Group as a lean fintech company and today’s decisive actions ensure a strong platform for future growth,” Chief Executive Charlie Rozes said, adding that the company will continue to evaluate and pursue cost-efficiency opportunities.
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