Brooks Macdonald and IG Group scale back staff to cut costs

Two financial services firms cutback staff

clock • 1 min read

Brooks Macdonald and IG Group have both separately announced cost-saving job cuts this morning (31 October) to “streamline” the businesses.

Investment firm Brooks Macdonald said its job cuts are expected to result in an annualised staff cost reduction of about £4m.  The cost of the changes is forecast to be up to £3m, a non-recurring expense which it intends to exclude from its reported underlying profit.   Next year Brooks Macdonald continues to expect overall costs to grow in mid-single digits, in line with existing market expectations. Brooks Macdonald chief executive Andrew Shepherd said: "As an ambitious business, we must respond to evolving market dynamics by taking difficult decisions that will regrettably affec...

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