Following a 17% workforce reduction, CMC Markets announced it is parting ways with Chief Marketing Analyst Michael Hewson, ending his 15th year in the company.

CMC Markets

Michael Hewson confirmed his resignation as Chief Marketing Analyst at CMC Markets forex broker after holding the position for 15 years. Based on his post on LinkedIn, he has not yet decided on his next step, but he believes it is the right decision to take a break.

During his term of office, Hewson led technical and fundamental insight through daily analysis of market movements. His responsibilities beyond analysis include content across various media, including educational seminars and media channels.

"During my time as an analyst at CMC, I had the privilege of writing and speaking on some of the biggest stories, from the global financial crisis, 4 UK elections, and 4 US elections, including Trump, Brexit, and several corporate stories starting from the big MandA deal -scale to IPO, and other stories like Deepwater Horizon," Hewson said.

In addition, other forex broker news stated that the UK-based financial service recently confirmed a workforce reduction of 17% to increase annual turnover. The planned layoff of around 200 employees is part of the broker's broader strategy to improve its cost reduction and efficiency plans.

With these redundancies, CMC Markets forex broker will minimize costs by £21m by 2025. However, there will be non-recurring and non-recurring costs of around £2.5m in the financial year 2024, and staff costs are down 18% compared to previous estimates.

However, the broker estimates sales will reach 40 million pounds for the 2024 financial year based on estimates of profits of between £290 million and £310 million to end the current fiscal year.