Cyprus-based broker FXGM has today dismissed several of its English sales team members in Cyprus citing focus on different regions.
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FXGM was the first company to be regulated by at the time brand new Cypriot regulator CySEC in 2006, and is part of the bforex group. As a regulated entity, FXGM is an important strategic arm of unregulated bforex’s business, as it provides access to European, Asian and Middle Eastern client bases. The total number of sales people in FXGM’s is about 10 people.
When contacted by Forex Magnates official representative of the company states the following:
- FXGM took a business decision regarding restructuring and due to that, unfortunately, a number of sales agents of the English desk sales team (based in Cyprus) were released on 3 April, 2013;
- FXGM shall continue operating a fully-fledged office in Cyprus and not just a skeleton crew;
- FXGM shall continue serving all its clients (telephone, chat, emails, etc), with business being carried on as usual.
- FXGM would like to clarify that the current banking crisis in Cyprus has not affected our company and was not the reason of our business decision.