Reuters - TP ICAP CEO leaves, firm cuts cost-saving target

Departure Sign

The world’s largest financial broker TP ICAP fired CEO John Phizackerley on Tuesday and warned rising costs would see profit fall short of expectations this year, sending its shares crashing by more than a third.

Reuters reports that TP ICAP warned underlying operating profit would be hurt by costs of about $13.2m related to Britain’s EU exit and new rules on market transparency.

In Tuesday’s trading update, the company also cut its cost savings target to 75 million pounds from 100 million pounds annually by the end of 2019, blaming investment needs to deal with changes in the industry.

Phizackerley is replaced by Nicolas Breteau, who currently leads TP ICAP’s largest business - global broking.

Hit the link below to access the complete Reuters article:

Broker TP ICAP fires CEO after profit warning


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