FXCM Inc. (NASDAQ:FXCM) has sent its shareholders additional information regarding the costs associated with its US retail foreign exchange activities, which it has agreed to . (GAIN).
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The note to investors explains again that none of FXCM’s costs will be transferred to GAIN and adds that FXCM expects significant cost savings from the winding down of its US retail foreign exchange operations.
The table below provides information on net revenues, net income, and Adjusted EBITDA(1) for FXCM’s US subsidiary, Forex Capital Markets LLC, and the rest of its continuing operations for the nine months ended September 30, 2016 (unaudited):
FXCM is attempting to reassure its investors that even without its US customers, it remains one of the largest global retail foreign exchange brokers. The firm now says that it anticipates that an increased focus on serving its international global customer base will drive growth and continued profitability improvement.
We previously reported that withdrawing from the retail US business will for FXCM, according to an SEC regulatory filing. Moreover, 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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