An electronic trading firm's UK arm cut front office staff and pay
Some electronic trading firms have been growing their UK offices at a breakneck pace. Others, meanwhile have been cutting. Mako Trading's European arm, based in the UK, has one foot in both camps.
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Mako Europe Ltd released its 2023 accounts this week via companies house. They showed that group headcount rose from 133 to 142. The entity breaks down headcount into two divisions; it hired 17 employees in 'administration and management' but cut 8 in 'front office and support services.'
Likely as a result of this structural change, average pay at the firm decreased. "Wages and salaries" per head at Mako Europe were $206.5k in 2022, but fell by just under 20% to $166.6k.
The decrease in pay may also be down to poor performance. Mako Europe swung from a $2.1m profit in 2022 to a $5.9m loss in 2023. Other firms have performed much better; Citadel Securities profits rose 35% to $151m last year. It employed 170 employees, only 35 of which were 'front-office.'
Its 2024 hiring, however, has been UK focused in recent months. Software engineer Martin Pyle joined in July from G-Research, and the firm has added a number of graduate and intern hires. The only roles currently being advertised in Europe are its 2025 graduate program positions.
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