British online trading platform IG Group on Tuesday said it would cut 10% of its headcount as part of cost-saving measures to drive operating margin expansion and become a leaner fintech firm.

The group said it expects to reduce about 300 roles worldwide by the end of fiscal 2023, adding that the overall efficiency measures are expected to deliver full run rate cost savings of 50 million pounds ($60.7 million) per year.

"We want to position IG Group as a lean fintech company and today's decisive actions ensure a strong platform for future growth," acting CEO Charlie Rozes said in a statement.

The company said non-recurring costs to achieve the savings are expected to be about 18 million pounds split across fiscal years 2024 and 2025. ($1 = 0.8235 pounds) (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Varun H K)