Report: IG Prepares Hundreds of Layoffs in Consumer Business Restructure

What this means for your job search: Prepare for increased competition in tech roles, particularly in customer-facing and operational technology, as hundreds of experienced professionals enter the job market. Emphasize your ability to drive efficiency and adapt to organizational restructuring in interviews to stand out. IG Group is preparing to cut hundreds of jobs as it merges its regional consumer operations into a single division. The exact reduction has not been disclosed, but the plans affect a workforce that numbered about 2,300 at the end of June, Sky News reports . Redundancy consultations with affected employees have already started in the UK. In other locations, including Poland, France, Spain, Sweden, Switzerland, Germany, Italy, Bermuda, the UAE and India, they are likely to begin during September, according to an internal memorandum cited by the broadcaster. IG said the process forms part of its strategic review and a refreshed organisational model intended to improve customer service and operating efficiency. However, the company did not disclose the roles involved, expected savings or restructuring costs. Three Consumer Divisions Become One The job cuts follow an organisational overhaul announced in July. IG is combining its UK and Ireland, European, and Asia-Pacific and Middle Eastern commercial divisions into a single unit called IG Consumer. Customer-facing technology teams, operations, Freetrade and the Independent Reserve cryptocurrency business are also moving into that division. Michael Healy was appointed CEO of IG Consumer, while North America and the group’s institutional business remain separate units. The restructuring is aligned with other outcomes of IG’s strategic review, including the proposed acquisition of US fantasy sports and prediction markets operator Underdog for up to approximately $1.3 billion. The transaction, announced in July, remains subject to regulatory approvals. Trading Firms Continue to Reduce Headcount The latest programme would be IG’s largest round of job cuts since 2023, when the company announced plans to eliminate approximately 300 positions, equivalent to about 10% of its workforce at the time. Earlier this year, Finance Magnates reported that IG had closed its South Africa office after exiting local commercial operations and