British online trading platform IG Group announced a major reorganisation that will cut a substantial portion of its 2,300‑person workforce, following a recent acquisition of U.S. fantasy‑sports operator Underdog.
IG Group, the UK‑based online trading platform, announced a sweeping reorganisation that will see a large slice of its 2,300‑strong workforce cut, according to Sky News.
Background to the restructuring
The move follows IG Group’s recent acquisition of U.S. fantasy‑sports operator Underdog, a deal that has prompted the firm to reassess its staffing needs across both its UK and US operations.
IG Group, listed on the London Stock Exchange, has been expanding its product suite beyond traditional CFD and spread‑betting services, aiming to capture a broader retail audience. The Underdog purchase was intended to diversify its offering into the fast‑growing fantasy‑sports market.
Scope of the layoffs
While the exact number of jobs to be eliminated has not been disclosed, the term “substantial portion” suggests a cut that could affect several hundred employees. The layoffs are expected to be implemented over the coming months, with the company pledging support for affected staff through severance packages and outplacement services.
Impact on operations
Analysts note that the restructuring could streamline IG Group’s cost base, potentially improving profitability in a market where regulatory pressures and competition are intensifying. However, the reduction in staff may also slow the integration of Underdog’s technology and user base.
- Potential cost savings from a leaner workforce
- Focus on core trading platforms and new fantasy‑sports product
- Risk of integration delays for Underdog assets
The company’s leadership has emphasized that the reorganisation is aimed at positioning IG Group for sustainable growth, rather than a reaction to short‑term market volatility.
We are committed to building a stronger, more focused business that can deliver long‑term value for our shareholders and customers.