CFD specialist CMC Markets is holding an all-staff meeting at the Intercontinental Hotel in Sydney today at 2.30pm to put the rumours to rest once and for all. What is happening to CMC Markets?
CMC Market's normally thundering public relations machine has suddenly gone quiet, and in its place is FD Third Person, a media agency "specialising in financial transaction support and issues and crisis management”, according to their website.
CompareShares did its best to get clarification for traders with existing accounts with CMC Markets. We put in numerous calls to internal public relations, Sydney reception, the New Zealand office and even the 1300 303 888 number and couldn't get anyone to comment. Phone calls rang out. According to FD Third Person, key staff were in meetings until late last night and again early this morning.
CMC Markets does not want to make an official announcement to the market until staff have been notified of the changes at 2.30pm today, was the official response.
An email to CompareShares from a CMC source noted that more staff cuts are on the cards including high management and top sales positions. CMC Market shut its Perth office in August this year, and cut back its Sydney staff by 8 per cent.
Two months ago, CompareShares reported on a series of events that had unfolded at CMC Markets, “An AVO, staff cuts and a trophy mansion – it’s all happening at CMC Markets.”
Back then, managing director David Trew denied the suggestion that staff cuts were a result of problems at CMC Markets. He insisted that further staff cuts were not anticipated.
Trew also refuted the rumour that the Brisbane office was about to close. “We’ve got a long-term lease on the Brisbane office, which we took out over a year ago, and we don’t have any plans to change that,” he said.
By 2.30pm today, at least staff will know what is happening at CMC Markets.
CompareShares will endeavour to keep investors and traders informed as soon as the lines of communication open again.