IG Group is preparing to cut hundreds of jobs as it merges its regional consumer operations into a single division. The exact reduction has not been disclosed, but the plans affect a workforce that numbered about 2,300 at the end of June, Sky News reports. Redundancy consultations with affected employees have already started in the UK. In other locations, including Poland, France, Spain, Sweden, Switzerland, Germany, Italy, Bermuda, the UAE and India, they are likely to begin during September, according to an internal memorandum cited by the broadcaster.IG said the process forms part of its strategic review and a refreshed organisational model intended to improve customer service and operating efficiency. However, the company did not disclose the roles involved, expected savings or restructuring costs. Three Consumer Divisions Become One The job cuts follow an organisational overhaul announced in July. IG is combining its UK and Ireland, European, and Asia-Pacific and Middle Eastern commercial divisions into a single unit called IG Consumer. Customer-facing technology teams, operations, Freetrade and the Independent Reserve cryptocurrency business are also moving into that division. Michael Healy was appointed CEO of IG Consumer, while North America and the group’s institutional business remain separate units. The restructuring is aligned with other outcomes of IG’s strategic review, including the proposed acquisition of US fantasy sports and prediction markets operator Underdog for up to approximately $1.3 billion. The transaction, announced in July, remains subject to regulatory approvals.Trading Firms Continue to Reduce Headcount The latest programme would be IG’s largest round of job cuts since 2023, when the company announced plans to eliminate approximately 300 positions, equivalent to about 10% of its workforce at the time.Earlier this year, Finance Magnates reported that IG had closed its South Africa office after exiting local commercial operations and surrendering its ODP licence.The reductions would put IG alongside other trading businesses that cut staff in 2026. eToro moved to cut about 7% of its global workforce, or more than 100 roles, as Finance Magnates reported. Coinbase announced approximately 700 job cuts, representing 14% of its workforce, under a restructuring linked to operating costs, market conditions and greater use of artificial intelligence. IG has not publicly attributed its latest reductions to AI. It has framed the exercise as part of its strategic review and the consolidation of its operating structure, with the final number of redundancies still subject to consultations in the affected jurisdictions.Finance Magnates contacted IG for comment, but the company had not responded by the time of publication.This article was written by Tanya Chepkova at www.financemagnates.com.