Tullett Prebon cuts more jobs as it waits for trading recovery
THE WEAK global trading market has forced interdealer-broker Tullett Prebon to cut another 60 jobs.
Terry Smith’s firm said it has cut 140 jobs this year, rather than the 80 redundancies it had pledged in March.
Tullett, which posted revenue of £305m for the four months to April, flat on last year, said two thirds of the cuts were in the front office and the rest in support.
They will cost £14m and lead to annual savings of about the same amount.
Tullett blamed the cuts on “challenging market and competitive conditions and the increased costs faced by the business relating to electronic platform development and other costs related to impending regulatory changes”.
The 140 cuts come after the broker said late last year it had cut 80 traders mainly in London and New York at a cost of £10m, with its US arm bearing the brunt.
Tullett, which was spun out of stockbroker Collins Stewart in 2006, competes with ICAP, BGC Partners and GFI Group to match the buyers and sellers of currencies, bonds and swaps.