Following the news that , more information about the future of the firm is revealed in an SEC report. We can now confirm that FXCM intends to implement a restructuring plan that includes the termination of approximately 150 employees, or about 18% of its global workforce.
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FXCM’s US business had unaudited 2016 net revenues of approximately $48 million and generated an EBITDA loss, but the costs associated with the business will not be transfered to GAIN. Withdrawing from this business will free approximately $52 million in capital, according to the regulatory filing.
The freed capital will be used to repay a portion of the outstanding loan from Leucadia. Proceeds from the account sale to GAIN will also be used to repay the loan from Leucadia.
FXCM’s share price has fallen by 19.71% in after hours trading and we will very soon see how the markets react to this latest information when trading resumes.
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