Tullett hurt by bank cutbacks

Tim Wallace
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PROFITS tumbled at interdealer broker Tullett Prebon in 2013 as weak market volumes and falling demand from banks hit revenues.

Tullett made £99.6m in the year, down 10.5 per cent on 2012’s pre-tax profits.

Analysts blamed the decline on banks’ decreasing use of interdealer brokers, and predicted much of the lost business will not return.

However, investors were more upbeat and Tullett’s share price increased 0.76 per cent.