Michael Hewson, the Chief Marketing Analyst at CMC Markets, is stepping down from his role after serving for 15 years. According to his post on LinkedIn, Hewson mentioned that he would be taking a break before deciding what to do next.

He mentioned: "After a remarkable 15 years here on LinkedIn, and even longer at CMC Markets, it's time for me to step down from my current role. During my time as an analyst at CMC, I've had the privilege of writing and talking about some really big stories, from the global financial crisis, 4 UK elections, and 4 US elections, including Trump, Brexit , and a host of corporate stories from huge M&A deals to IPOs, and other stories like Deepwater Horizon."

Technical and Fundamental Insights

At CMC Markets, Hewson focused on technical and fundamental insights through daily analysis of market movements. His responsibilities extended beyond analysis, encompassing the content used across various mediums, including educational seminars and media channels.

Recently, CMC Markets announced a significant reduction of 17% in its workforce, equating to about 200 positions within the company. According to a report by Finance Magnates, this decision is part of the broker's broader strategy to enhance its cost reduction and efficiency plans.

Driving Structural Changes

With the reduction in workforce, CMC Markets anticipates annual savings of £21 million for the fiscal year 2025. However, the move will result in a one-off, non-recurring cost of approximately £2.5 million in the fiscal year 2024. This represents a reduction of 18% in staff costs compared to previous estimates.

Despite the decrease in its personnel, CMC Markets raised its income forecast for the fiscal year 2024 by £40 million. The brokerage expects to close the year with revenues ranging between £290 million and £310 million. However, the company experienced a pre-tax loss of £2 million in the first half of the fiscal year, with a drop of 20% in net operating revenue to £122.6 million.