Tullett Prebon, the interdealer broker, has said it has made 200 people redundant on the back of difficult market conditions and falling profits.
The Daily Telegraph reports that the broker said that a 'cost improvement programme involved the exit of 166 front office staff, 51 support and other staff, and the vacating of office space'.
The company said that the job cuts would reduce annual fixed costs by over £45m ($69.1m), although the cost of the actions was £46.7m ($71.7m), of which £22m ($33.8m) were non-cash charges including a £3.2m ($4.9m) writedown of an employment incentive grant.
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Tullett Prebon cuts 200 staff as profits fall
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