FXCM’s Plano office to account for more than a third of planned layoffs
A report to the Texas Workforce Commission shows 56 employees at FXCM’s Plano office will be laid off.
The situation around US Forex broker FXCM Inc (NASDAQ:FXCM) continues to develop at a hectic speed, following the raft of settlements announced by the company and US regulators on February 6, 2017, that included FXCM being prohibited from being a member of the US NFA and CFTC, technically meaning an exit from the US market.
FinanceFeeds reported back then of FXCM’s plans to lay off 150 of its employees, or 18% of its global workforce, as a part of a restructuring plan.
More than a third of this layoffs will be coming from FXCM’s Plano office, according to an article in Community Impact Newspaper. The newspaper refers to an FXCM filing with the Texas Workforce Commission, dated February 10, 2017, that is, just a few days after the plans for the staff trimming were initially unveiled.
FXCM plans to let go 56 of its employees at the Plano office, with the change to be implemented by mid-April. FXCM spokeswoman Jaclyn Sales told the newspaper that the office would remain open for the time being and that the location would serve non-US clients.
Meanwhile, the US regulatory decision that barred FXCM, Drew Niv, Ornit Niv and William Ahdout from NFA and CFTC membership, as well as from taking principals’ roles in the organizations’ members, came into effect on February 21, 2017. The same day, FXCM Inc announced its publicly traded name will change to Global Brokerage Inc, with the Nasdaq ticker to change too, effective February 27, 2017.
Yesterday, a raft of FXCM management changes were unveiled too, with Brendan Callan promoted to interim Chief Executive Officer of FXCM Group. Mr Callan has been the Chief Executive Officer and President of FXCM’s European Operations since 2010. Another important appointment was unveiled by FXCM on Tuesday – Jimmy Hallac has been named Chairman of FXCM Group. Mr Hallac is a Managing Director of Leucadia National Corporation, which extended a rescue loan to FXCM following the “Black Swan” events in January 2015, and holds a significant interest in FXCM Group.