CMC Markets to cut 200 jobs by streamlining support roles

Spreadbetting and CFD trading group CMC Markets is to cut 200 jobs following a cost-cutting programme expected to save £21m.

The headcount reduction, which represents 17% of the total global workforce, will see the company merge support functions across multiple business lines, streamlining reporting lines and automating processes.

The move will result in a one-off cost of around £2.5m to be taken in the current financial year ending 31 March, with savings realised the following year.

CMC had indicated at the time of its interim results in November that the business was reaching the peak of its investment cycle and a cost review was planned for the second half.

"The group will continue to seek opportunities to drive efficiencies and control costs while remaining committed to investing in growth opportunities and ensuring its technology remains market leading," the company said in a statement.

Elsewhere, trading is said to be in line with expectations, with CMC on track to deliver net operating income of between £290-£310m for the 12 months to 31 March, compared with £288.4m the previous year.