Top firm expects profit-rise after job and compensation cuts

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ICAP, the world’s largest broker of transactions between banks, said it expects full-year profit to rise after eliminating jobs and cutting compensation.

Bloomberg reports that pretax profit before exceptional items for the 12 months through March 2014 will be 'marginally ahead of the prior year' after increasing 1.5% to $221m in the first half, the company said in a statement Wednesday.

Revenue fell 1.3% to $1.17bn in the first half, while costs declined $63.7m.

'Notwithstanding the decline in revenue and the continued investment in the business, our operating margin has improved', Chief Executive Officer Michael Spencer said. 'We have made good progress despite the subdued market conditions over the summer and uncertainty created by the implementation of new financial markets regulations in the U.S'.

Statutory pretax profit dropped to $63.7m in the first half from $108.3m, following settlement payments and legal fees associated with the Libor probe.

To access the complete Bloomberg article hit the link below:

ICAP Sees Rising Full-Year Profit Following Cost Cuts

Sumitomo Mitsui Raises Profit Forecast After Record Earnings

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