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Fears of City jobs cull as IG Group cuts 300 roles
Evening Standard
|October 31, 2023
FRESH fears of a bleak winter City jobs cull grew today when IG Group said it would slash 10% of its workforce.
For the leading spread betting house that is 300 roles, but replicated across a City workforce of 587,000, that could mean towards 60,000 jobs at risk.
While the shake-out is unlikely to be that bad, bankers are increasingly nervous after another flat year marked by depressed trading volumes and a prolonged drought in M&A and IPO activity.
Some of the big banks such as Goldman Sachs have already made cuts, so might not repeat them, but the IG news caused a shiver of fear in the Square Mile about what could be coming.
IG said the job losses would help save £50 million a year. It called the move “measures to simplify and streamline the business, better positioning it for further growth”.
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