4/7/2024 0 Comments Icap jobsWeaker trading volumes in the third quarter compared to last year and a strong performance in the first half of the year due to the “unprecedented macroeconomic backdrop” due to the COVID-19 pandemic were listed by TP ICAP as reasons behind the decrease in revenues. The broker saw declines across several key business areas during the period including global broking, which saw revenues tumble 19% from £320 million to £260 million. TP ICAP reported £388 million in total revenues in the third quarter, down 19% from the year prior. We have implemented a targeted cost efficiency programme that will provide further support to our earnings power in an operating environment that remains uncertain,” Nicolas Breteau, CEO of TP ICAP, commented. “Over a nine-month period of substantial economic dislocation, TP ICAP’s business has been resilient. To improve operating profit margin, London-based TP ICAP said it is restructuring the broking business due to market conditions in order to achieve savings of £35 million by the end of next year. Jobs may be cut at interdealer broker TP ICAP after the institution outlined plans to reduce costs following a decline in revenues in the third quarter as trading volumes diminished.
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