Back in July we interviewed GFT’s CEO Gary Tilkin who was speaking about navigating his brokerage through turbulent times. Well by all indications the turbulent times are already here - the industry is suffering from extremely low volumes which directly affect brokers’ income.
GFT laid off about 20-30 employees in the past few days and recently had few executive directors part with their jobs as well. Apparently this is part of the company’s planned restructuring as GFT had this to say following our inquiry:
“GFT has recently released a small percentage of our employees as a result of our systematic improvement in efficiencies across many of our departments. While there are many external factors that affect our business, such as lower industry wide volumes and increased competition, this measure was largely done to realize the gains in efficiencies that we have planned for and continue our overall plan to provide our customers with the greatest level of service in the most efficient manner.
GFT is currently aggressively developing and implementing new growth strategies so that we can continue to give our customers the best possible service and support and gain market share in the current market and position ourselves for growth in all market environments. We remain committed to the highest standards of integrity in our business and look forward to servicing an ever expanding customer base.”
but in a way you are right, although not all brokers are evil and trade against you, the bigger brokers are indeed too inflated and need to downsize – seems that only gft is doing this at the moment
It’s so funny reading these people blaming the chrisis and competitions. Cmon let’s make a statement which makes sense… Even a joint statement from a RFEID coalition…eheh something like this:
“As we have made millions in forex by taking the other side of the trades, and after burning millions of millions of dollars from small investors, we’re struggling now to find new morons to screw”. As a consecuence, we cannot afford sponsoring big racing cars and teams, and maintain a crew of pepole just to sell a dream..”