Breon Corcoran takes the helm as CEO of IG Group amidst strategic shifts and global workforce reductions.
Breon Corcoran started his term as the Chief Executive Officer of forex broker IG Group on January 29th. Having started his career as a fintech CEO, Corcoran previously held the role of CEO at WorldRemit and Paddy Power Betfair.
He has vast experience, including early career positions as a Bankers Trust and JP Morgan derivatives trader. This follows a worldwide search initiated upon the exit of former CEO June Felix. Similarly, Charlie Rozes, who served as Interim CEO and Group CFO, will continue to serve in his current position and remain part of the board.
The appointment of Corcoran with the board is a turning point for forex broker IG Group. There will be a reduction in the global workforce of about 300 jobs by this UK broker. This strategic move aligns with the operations streamlining and cost-efficiency initiatives undertaken by IG.
The FTSE 250 listed firm is looking to deliver £10 million of structural savings in the year through 2024, which rises to a forecast figure of £40 million in 2025 and £50 million in 2026. At least £10 million in further savings concerning variable costs for 2024 are expected because of continued softer market conditions since the first quarter.
This is amidst challenges that brokerage platforms, including forex broker IG Group, have had to contend with low trading volumes owing to wider economic pressures.
This low-spread broker posted a decrease in active users in Q1, reflective of the market dynamic. Therefore, Corcoran's leadership will take this no-commission broker through these changes and develop resilience in a volatile environment.
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