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
Brexit
Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis
Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis
Read this Term, and a host
of corporate stories from huge M&A deals to IPOs, and other stories like
Deepwater Horizon.”
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 in
its workforce by 17%, 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 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 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.
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
Brexit
Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis
Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis
Read this Term, and a host
of corporate stories from huge M&A deals to IPOs, and other stories like
Deepwater Horizon.”
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 in
its workforce by 17%, 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 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 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.