IG Group, the London-listed online trading platform, has announced a significant round of redundancies affecting hundreds of employees, coming just weeks after the company revealed a $1.3 billion deal to acquire a major US-based prediction markets operator. The timing has drawn attention, with job losses arriving in the wake of a major strategic expansion rather than a period of retreat.
$1.3bn
Value of US acquisition announced weeks before the cuts
The company has not publicly confirmed an exact number of roles at risk, with reporting describing the scale only as "hundreds." It is not yet clear how many of those roles are based in the UK, where IG Group is headquartered, or how they are distributed across the business.
The redundancies appear to reflect a restructuring effort likely connected to the integration costs and strategic realignment that typically follow large acquisitions. IG Group has a significant presence in London and employs staff across a range of functions including technology, operations, and client services.
No formal breakdown by site or nation has been published at this stage, and the company has not confirmed whether a collective consultation process is under way.
Why this matters if you're facing redundancy
If you work at IG Group and are concerned about your position, the first question worth asking is whether the company has begun a formal collective consultation process. In the UK, if 20 or more redundancies are proposed at a single establishment within 90 days, employers are legally required to consult collectively and notify the Insolvency Service via an HR1 form. That process must last at least 30 days for 20 to 99 roles, and at least 45 days for 100 or more. Knowing whether that process has started tells you a great deal about the timeline you are working with.
It is also worth noting that large acquisitions often trigger restructuring that is presented as inevitable, but the terms of any redundancy offer are not fixed. Your contractual redundancy entitlement, any enhanced pay the company chooses to offer, and your right to appeal or explore alternative roles internally are all worth understanding before you sign anything. Speaking to your trade union representative if you have one, or seeking independent employment advice, is a sensible early step.
FairEnough is not a law firm and does not provide legal advice. Always seek independent legal advice before signing any documents. Information shown is for general guidance based on UK statutory entitlements.
