Tullett Prebon cuts jobs

Big changes ahead.

Interdealer broker Tullett Prebon said first-half revenue fell 15% and announced around 210 job cuts, as regulatory changes shake up its industry.

Reuters reports that Tullett, whose brokers match buyers and sellers of currencies, bonds and swaps, has recently stepped up cost-cutting measures and said in May that jobs would go.

On Tuesday, the company said it was cutting around 160 front office and 50 back office roles from its 2,328-strong workforce.

Rival ICAP Chief Executive Michael Spencer confirmed earlier this month that he was cutting staff in the company's Global Broking division, which houses its brokers, although he declined to say how many jobs were at risk and which desks would be affected.

To access the complete Reuters article hit the link below:

UK's Tullett Prebon cuts 210 jobs after revenue falls 15 percent

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