IG Group Announces Major Layoffs and Workforce Reorganisation Following USD 1.3 Billion Underdog Acquisition
UK's IG Group is cutting hundreds of jobs across its global operations following its USD 1.3bn acquisition of US-based prediction markets operator Underdog. Consultations with affected employees are underway as part of a strategic organizational refresh. 'Everyone whose role is affected in whatever way, for whatever reason, will be treated fairly, lawfully, with respect, and with dignity,' CEO Michael Healy said.
Britain's IG Group is restructuring its workforce, cutting hundreds of jobs across its global operations following its recent multi-billion-dollar acquisition in the US market.
Restructuring and Global Job Cuts
Online trading platform IG Group has informed staff that a company-wide reorganisation will result in a significant number of layoffs, reports Sky News. While the firm declined to specify the exact number of job losses, sources indicate the reductions will meaningfully impact its workforce of 2,300, which was recorded at the end of June. Oracle Layoffs for September Already Started? Check Details.
Michael Healy, newly appointed as the chief executive of IG Group's consumer division, outlined the rollout in an internal employee memo. Discussions with affected staff in the UK and select regions began in a first wave 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," Healy said in the memo.
He added: "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."
Context and Market Reactions
The redundancy program follows IG Group’s announcement of a UD 1.3 billion deal to acquire Underdog, a US-based fantasy sports and prediction markets operator. The transaction has weighed on the company's market valuation, with IG Group's share price falling sharply since the late July announcement amid investor scrutiny over the deal. An IG Group spokesperson addressed the reorganisation in a statement: "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." Insiders describe the workforce reduction as the largest round of cuts at the firm since 2023. However, representatives denied suggestions that any European offices would be shut down entirely. Axis Bank Layoffs Coming? CEO Amitabh Chaudhry Replies.
Broader Corporate Strategy
Led by former Paddy Power chief Executive Breon Corcoran, IG Group has also outlined plans to establish a Jersey-incorporated holding company, though leadership emphasised there are no intentions to shift its listing away from the London Stock Exchange. The company has indicated it is evaluating further avenues to maximise shareholder value, including potential acquisitions, alternative listing venues, and structural combinations with other industry participants. Corcoran is expected to provide a comprehensive update on the firm's evolving strategy during the autumn.
(The above story first appeared on LatestLY on Sep 10, 2026 10:54 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
