Online trading platform IG Group takes axe to hundreds of jobs

IG Group, the London-listed online trading platform, is taking an axe to hundreds of jobs just weeks after unveiling a $1.3bn deal to buy a major US-based prediction markets operator.

Sky News has learnt that IG Group has told staff that a reorganisation of the company will result in a significant number of layoffs.

The company refused to comment on the details of its plans, but sources said that its 2,300-strong headcount at the end of June would be cut by a significant number.

In a memo to employees seen by Sky News, Michael Healy, newly appointed as the chief executive of IG Group's consumer division, said staff in countries including the UK would be informed in a first wave of discussions, which took place last month.

"In all our other locations (i.e. Poland, France, Spain, Sweden, Switzerland, Germany, Italy, Bermuda, UAE, India), we will begin discussions with people impacted as soon as we can, most likely during September," Mr Healy said.

"Everyone whose role is affected in whatever way, for whatever reason, will be treated fairly, lawfully, with respect, and with dignity.

"This is not just another line in yet another email; it is how this process will be run everywhere."

The redundancy programme has emerged just weeks after IG Group announced the $1.3bn acquisition of Underdog, a US-based fantasy sports and prediction markets operator.

IG Group's share price has fallen sharply since the announcement of the deal in late July, with some shareholders said to be concerned about the transaction.

Read more from Sky News:
Channel 4 to cut 340 jobs
Your rights on cancelled flights

In a statement issued to Sky News, an IG Group spokesperson said: "As part of our strategic review, we are refreshing our organisational model to ensure IG is best placed to serve customers and operate efficiently.

"We are giving employees full support as we consult with them throughout this process."

One source described the cull as the biggest round of cuts at IG since 2023.

A spokesperson denied suggestions that any of its offices in European markets would be closed altogether.

Run by the former Paddy Power chief Breon Corcoran, IG Group has also announced plans to establish a Jersey-incorporated holding company, although it insisted it has no plans to move its listing from the London Stock Exchange.

IG Group has also said that it is "evaluating other routes to maximise shareholder value, including acquisitions to accelerate growth, the Group's listing venues, and potential combinations of parts of the Group with other industry participants.

Mr Corcoran will set out further details of his strategy in the autumn.

(c) Sky News 2026: Online trading platform IG Group takes axe to hundreds of jobs