Senior management at leading US broker, Forex Direct Dealer (FXDD), have informed Forex Magnates that despite a substantial number of layoffs, it’s business as usual. The broker had decided to make a number of staff redundant due to business conditions.
News of the layoffs were supposedly causing pandemonium at the broker, however a source at FXDD’s senior management explicitly confirmed that; “there is no panic at all, it’s business as usual.”
FXDD is an international broker with offices in the USA and Malta. According to a press release issued by the firm in 2010, FXDD had over 170 staff members, data on LinkedIn shows that there are 142 current employees (or people who associated their current role at FXDD).
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FXDD had recently hired a range of support and administrative staff, several from competitors, however the new employees did not meet the firms expectations. Around 10% of staff were laid off. “No senior staff have been laid off,” the source explained.
FXDD’s Malta operation carries out front and back office functions and is expected to take charge of the administrative and support functions that were being handled by the staff that has been laid off.
Staff changes in the world of FX broking are seen with a touch of scepticism, over the last 24 months leading brokers such as Saxo Bank, GFT and Alpari Germany have made changes to their head count.