Stating that its business runs as usual, OvalX is reportedly laying off its staff post-Guru Capital's taking over and their poor performance.

Formerly known as ETX Capital, OvalX is rumored to end its business, indicated by its layoff according to some source person affiliated with the company. It happened after Guru Capital, a Swiss private equity firm, took over the FX and CFD broker following a severe underperformance.

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In response to such rumors, Luca Merolla, the CEO of Oval Money states, "It's business as usual at OvalX. We're a well-capitalized business." 

Along with their confirmation that the business runs as usual, OvalX reveals that a business has been under review to gain its optimal state. The ever-changing economic climate has triggered the company to reformulate its strategy in the industry including the cost-cutting and efficiency program, where Merolla adds,

"The global economy has suffered, and the wider industry experienced a significant reduction in trading volumes in 2022, and we were no exception. As a result, we continue to explore various strategic options. I want to assure our clients that the OvalX trading support services and customer experience is operating on a business as usualWend, we will maintain the standards that our customers have become used to."

OvalX is trying to recalculate the cost and digging the possible solutions, including mergers or asset selling with other brokers. The company also engages some employees in discussions without indicating any future layoffs.

However, Monecor Limited, running the OvalX, reported a pre-tax loss of £9.2 million in its most recent financial statements for 2021, the first fiscal year under Guru's leadership, while the trading revenue fell as a result of Brexit from £31.7 million the previous year to £24.1 million this year.