IG Group to Cut Hundreds of Jobs Weeks After Its $1.3 Billion US Deal

IG Group is preparing to cut hundreds of jobs as it folds its regional consumer operations into a single global division, according to a Sky News report. The company’s headcount stood at about 2,300 at the end of June, and a source described the coming cuts as the biggest round at IG since 2023.

The restructuring comes only weeks after IG agreed a 1.3 billion dollar acquisition in the US, a deal that expanded the London-listed broker’s footprint just as it moves to shrink its own workforce elsewhere. IG has framed the job cuts as part of a strategic review and a consolidation of its operating structure, and has not attributed the reductions to AI adoption.

A staggered rollout across markets

Staff in the UK were told about the changes in a first wave of discussions last month. Other markets, including Poland, France, Spain, Germany, Italy and India, are set to follow through September. The final redundancy numbers remain subject to local consultation requirements in each of those jurisdictions, so the total will likely take shape gradually rather than all at once.

Trader’s takeaway: if you trade with IG, this is a back-office story, not a platform-risk one, so no action is needed on your account. If you’re comparing brokers more generally, our broker review methodology is a reminder to look at a broker’s overall financial health, not just its spreads and platform, before committing serious capital, and City Index’s rebrand into StoneX Trading this same week shows IG isn’t the only established UK name feeling the squeeze right now.

Further reading: Finance Magnates’ report on the layoffs and LeapRate’s coverage of the timing against IG’s US deal.