Bloomberg News

ICAP Said to Cut About 50 Jobs in Brazil After Losses

October 06, 2011

(Updates with number of job cuts in headline and first paragraph.)

Oct. 6 (Bloomberg) -- ICAP Plc, the world’s largest broker of transactions between banks, cut about 50 jobs in Brazil this week after two years of losses, said two people familiar with the matter that asked not to be named because there was no public announcement.

The broker had about 240 staff in the South American country before the cuts, one of the people said.

ICAP Chief Executive Officer Michael Spencer said on a Sept. 29 conference call the company expects to break even in Brazil in 2012 after two years of losses.

The staff reduction is part of a broader restructuring, Alan Gandelman, the firm’s country head, said today in a telephone interview.

“We’re in the middle of an internal and external restructuring process, which in fact involves job cuts and hasn’t ended yet,” Gandelman said, without providing the number of job cuts.

--With assistance from Shannon Harrington in New York. Editors: Helder Marinho, Adriana Arai

To contact the reporter on this story: Felipe Frisch in Sao Paulo at ffrisch1@bloomberg.net

To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net


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