ICAP axes as it adapts to regulations

Axe In Wood

A cost-reduction plan.

ICAP is reviewing how to divide its broking unit from its electronic-trading businesses and is cutting jobs as the company adapts to regulations, according to a person familiar with the matter.

Bloomberg News reports that the world’s largest broker of transactions between banks hired PricewaterhouseCoopers LLP to review how the businesses could be more clearly separated, said the person, who asked not to be identified because they weren’t authorized to speak publicly.

The company fired about 100 brokers as part of a $101m cost-reduction plan earlier this week, the person said.

To access the complete Bloomberg News article hit the link below:

ICAP Said to Plan Simplification of Structure, Job Cuts

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