Damian Reed, formerly the Senior Sales Account Manager at London Capital Group, has landed a new role as the Business Development Executive at Global Market Index Limited (GMI UK). Based in London, GMI caters to B2B financial companies and professional traders.

At London Capital Group

According to Reed’s LinkedIn profile, he has been with the London Capital Group, also based in London, for more than eight years. He joined the company as a Sales Account Manager in 2016 before being promoted to Senior Sales Account Manager.

LSG specializes in online trading services and has been in the industry for almost two decades. According to the firm’s LinkedIn profile, the multi-asset platform features forex , CFDs, shares, and commodities trading. It is reportedly regulated by the Cyprus Securities Exchange Commission and the Financial Conduct Authority.

Meanwhile, the liquidators of the bankrupt FlowBank announced plans to sell the bankrupt firm’s entire shareholding at London Capital Group’s (LCG) UK and to discontinue the business of the affiliated entity in the Bahamas.

“In respect of LCG UK, the liquidators are currently seeking a potential purchaser who would be interested in acquiring all the shares in LCG,” the liquidators from Walder Wyss Ltd mentioned. “in respect of LCG Bahamas, the liquidators wish to discontinue the operation of LCG Bahamas.”

LCG's Financial Results

Elsewhere, LCG recently released its financial report for 2022, highlighting a boost in revenue despite widening losses. The firm earned just under £2 million, representing a 25% increase compared to £1.6 million posted in the previous year. At the operational level, however, LCG UK reported a loss of £3.7 million in operations, a reduction of almost £2 million from the figures reported in 2021.

Thus, the net loss for the entire year was £2.4 million, a 30% increase from the previously reported £1.7 million. London Capital Group Limited is responsible for LCG's operations in the UK. FlowBank has been in liquidation since June 2024 following a decision by the Swiss regulator.