City-based broker ATFX UK has closed its Polish satellite office following the decision to cease all services for retail clients.
City A.M. spoke with four former employees in the firm’s Krakow office, who said all Poland-based ATFX employees had been made redundant at the beginning of December.
In addition, several positions in both Hong Kong and London have been axed as a result of the recent restructure, a London-based employee said.
When approached by City A.M., a spokesperson for ATFX in London confirmed the online trader has changed direction.
“As a result of the current economic climate, the impact of the unprecedented events such as Covid-19 and Brexit, ATFX has made the strategic decision to focus on its services to professional and institutional clients under its FCA entity,” he said.
“ATFX UK will therefore be ceasing – in the short term – all of its retail activities,” the spokesperson confirmed.
He stressed that the retail business of the other group entities – such as ATFX CY, ATFX International and AT Global Markets – remains “the same” and ATFX Group will integrate the resources within the group to “create a better system to meet ATFX’s long-term development strategy.”