For cost reduction and efficiency plans, CMC Markets decided to reduce its workforce by approximately 200 positions, representing 17% of its staff.
After announcing the welcome of new Non-Executive Director Clare Francis, to generate annual operating income, CMC Markets forex broker announced a 17% cut in its global headcount across 200 company positions. The streamlining and efficiency efforts aim to cover non-recurring costs of around £2.5 million by the 2024 fiscal year.
With these redundancies, the UK-based financial services focus on reducing costs by £21 million this financial year. By increasing efficiency and controlling costs, the group will continue to look for ways to invest in growth opportunities and ensure that our technology remains a market leader.
"Cost reduction is mainly achieved by combining support functions across various business lines, simplifying reporting lines and automating processes," comments the broker on its website.
Additionally, the London stock exchange-listed company raised its 2024 revenue expectations to £40 million and expects the end of the year to be between £290 million and £310 million. The move also aims to turn around the financial situation, which previously saw a pre-tax loss of £2 million. Meanwhile, its net operating income fell 20% to £122.6 million.
For more information, stay updated with our forex broker news and stay on top of critical industry updates in real-time.