Bloomberg News

Tullett Prebon Cuts 60 More Jobs as Market Activity Slows

May 10, 2012

Tullett Prebon Plc (TLPR), the British inter-dealer broker run by Terry Smith, cut a further 60 jobs as market activity in the first part of 2012 was “slightly lower” than in the year-earlier period.

The company cut about 140 posts this year, London-based Tullett Prebon said in a statement today. That’s up from the 80 it said it would eliminate in March. Revenue for the first four months of the year was 305 million pounds ($493 million).

“In the light of the 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, a number of actions were taken towards the end of 2011 to reduce costs,” the company said in today’s statement.

The stock fell 2.7 percent to 308.6 pence in London trading, for a market value of about 672 million pounds.

To contact the reporter on this story: Edward Evans in London at eevans3@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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