Another money broker taking an upper cut?
Looks that way. Terry Smith's Tullett Prebon said its revenues between July and October were 8 per cent up on the same period last year at £315m.
But they dropped 3 per cent in October and that trend continued into November. Banks that use the services of brokers like Tullett's are scared so they're doing less business.
Quite. But don't expect the combative Terry Smith to throw in the towel. Sorry, did we say combative? We think that's fair comment given his reputation, but Mr Smith's very willing to call in the libel lawyers. So we'll re-phrase: don't expect the cuddly and loveable Terry Smith to throw in the towel.
Cuddly and loveable but fond of a fight?
You could say that. Mr Smith made his name while head of UK Company Research at UBS. He published a book, Accounting for Growth, which tore apart the accounting methods used by some very big companies including some very big UBS clients. He got fired and sued, he counter sued, they settled out of court and he's since done quite well for himself.
So he can throw a punch?
Oh yes, it's why people use adjectives such as "pugnacious" (sorry, sorry) to describe the otherwise cuddly and loveable East Ender and boxing fanatic. His latest target is George Osborne. He's told the Chancellor to stop worrying about growth, which he has no power to affect, and concentrate on re-tooling the British economy to make it more competitive, by slashing spending even more and cutting taxes.