BGC Partners earnings drop

City A.M. Reporter
BGC PARTNERS, the brokerage business, yesterday posted an 11 per cent rise in revenues to $449.8m (£289.5m), though pre-tax earnings fell by more than a fifth to $45.1m, dragged lower by a fall in credit and equities profits.

“Although the industry continued to face headwinds including quantitative easing, our Financial Services segment outperformed its Inter-dealer broker competitors and continued to gain market share,” said president Shaun D Lynn.

The firm said its Newmark Grubb Knight Frank, which it bought in 2011, posted “substantial” growth.

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