TP Icap reveals 175 job cuts as it turns its attention to “integration and synergy targets”

The world’s largest interdealer broker TP Icap announced this morning it has cut 175 jobs in the first half of the year.

Tullett Prebon took on around 1,500 brokers when it swallowed Icap’s global broking division to form TP Icap in December.

The merger was subject to scrutiny by both the Financial Conduct Authority (FCA) and the Competition and Markets Authority (CMA) last year. The two firms made concessions by selling off certain desks to address regulatory concerns.

The job cuts come as TP Icap announced a 23 per cent rise in half-year profits to £144m.

Read more: City broker TP Icap unveils revenue and profit growth

Average broker headcount fell from 3,039 to 2,904 in the six months to 30 June. Average revenue per broker rose from £279,000 to £299,000.

TP Icap is talking to a number of European cities including Frankfurt and Paris about setting up a new EU base to mitigate the impacts of Brexit.

Chief executive John Phizackerley said: “We are focused on meeting our integration and synergy targets as we harmonise and simplify our systems, processes and structures.

“We continue to build and diversify our global presence and use our enhanced technological capabilities and data to develop and deploy new products across the group.”

Read more: TP Icap avoids shareholder revolt after changing pay policy