CMC Markets has promoted one of its long-term employees, Michael Bogoevski, to the role of Head of Institutional APAC and Canada, based in Sydney, Australia. He previously held the position of Head of Distribution for APAC and Canada at the company.

Promotion of a Long-Term Employee

Bogoevski has spent almost 16 years of his career at CMC Markets across two tenures. He first joined the Sydney offices of the brokerage in July 2007 in an Institutional Business Development role, leaving in October 2012, according to his LinkedIn profile.

He rejoined the Australian unit of the London-headquartered brokerage in September 2013 as the Head of Sales Trading for APAC and Canada. For five years, he also served as CMC Markets' Head of Singapore while based in the city-state.

Bogoevski began his career in the financial services industry in early 1998 as a Junior Quantitative Analyst at the Sydney offices of Rand Merchant Bank. Before moving to CMC Markets, he spent a couple of years at Societe Generale as a Financial Engineer, another role based in Sydney.

According to his LinkedIn profile, he was the owner and Director of UCG Finance, a mortgage management, investment, and consulting firm, for 18 years.

CMC's Cost-Cutting Efforts

While Bogoevski receives a promotion, CMC Markets is cutting 17 percent of its workforce globally as part of its cost reduction and efficiency plans, which could save up to £21 million in FY25. Last month, Michael Hewson, the Chief Marketing Analyst at CMC Markets, stepped down from the role after 15 years. However, it remains unclear if he was part of the mass layoffs.

Meanwhile, London-listed CMC Markets is expecting its operating income for the fiscal year 2024 to exceed the top end of the previously guided range of between £290 million and £310 million. This bullish forecast follows the company’s strong performance in the third quarter of the current fiscal year.