CMC Markets Announces 17% Layoffs to Drive Efficiency

Following the completion of a cost review focused on driving efficiency through its global operations, London-based FX & CFD broker CMC Markets announced on February 5, 2024, that it would slash its global headcount by approximately 200 positions, or 17% of its current workforce.

CMC Markets expects to incur a one-time non-recurring cost of approximately £2.5 million in FY24 and to realize annual savings of an estimated £21 million in FY25. 

“Cost reductions have been primarily achieved by merging support functions across multiple business lines, streamlining reporting lines and automating processes. The Group will continue to seek opportunities to drive efficiencies and control costs while remaining committed to investing in growth opportunities and ensuring its technology remains market leading,” CMC Markets stated in its announcement.

According to the company, trading remains in line with expectations and the Group is on track to deliver net operating income of between £290-£310 million for the 2024 financial year.