Insider says that OvalX might pause operations to start layoffs

For months now, companies have been making headlines due to dozens, hundreds, and even thousands of layoffs. They were deemed necessary in order to keep the firms in business during the difficult economic situation around the world. So farm major companies like Amazon, Meta, Microsoft, and many more have all announced layoffs and staff reductions, and some have already done with them or are in the process right now.

However, there are firms that hope to keep such matters quiet, and according to insider information, OvalX, formerly ETX Capital, might be one of them. According to an inside source, the firm has already started laying off some of its employees, and it might soon shut down operations.

OvalX says that it is seeing business as usual

The move allegedly came after the CFDs and FX broker takeover by Guru Capital, a private equity firm from Switzerland. The source says that it is unknown when the firm might finally shutter operations. As for OvalX, its response to any inquiries has been “business as usual.”

The company simply responded that it is undergoing a strategic review and that the goal is to optimize its business to adapt to the new economic climate. The company said nothing about shutting down its operations, but it did confirm that efficiency and the cost-cutting program is in place.

Allegedly, the firm is now reviewing its cost base, and is in the process of consulting its stakeholders with the goal of finding the most efficient way to reduce costs. In other words, the firm is exploring different potential strategies, including a potential merger, or an asset sale.

It also revealed that it is in a consultation process with certain employees, as well. As for the layoffs themselves, it did not address the matter at all, neither confirming nor denying the rumors.

OvalX is exploring new strategies

The CEO of Oval Money, Luca Merolla, stated that it is all business as usual for the company and that it is a well-capitalized business.

He added that the global economy has suffered greatly and that the wider industry experienced a major reduction in trading volumes last year. OvalX is no exception. However, they are ready to explore different strategic options and to ensure clients that the OvalX trading support services and user experience is operating as usual. The firm will maintain the standards that the users have grown accustomed to moving forward.

Another relevant event that took place recently is the fact that the Managing Partner of Guru Capital, Ryan Nettles, announced his resignation from the Board of Monecor — a London-based firm that is in charge of operating OvalX. He stated that he left because a new project had arrived at Guru Capital that required his full attention and participation.