UK’s CMC Markets to shed 200 jobs

UK’s CMC Markets Plc, a leading global provider of online retail and institutional platform technology, said on Monday that it would reduce 17 per cent of its global workforce by approximately 200 positions.

The company expects to incur a one-off, non-recurring cost of around 2.5 million sterling pounds (about $3.2 million) in this fiscal year 2024 due to these job cuts.

However, the move will result in an estimated annualised realised savings of 21 million pounds in the fiscal year 2025, the statement added.

“Cost reductions have been primarily achieved by merging support functions across multiple business lines, streamlining reporting lines and automating processes,” the statement added.

The company serves retail and institutional clients through regulated offices and branches in 12 countries with a significant presence in the UK, Australia, Germany and Singapore.