Tullett Prebon axes 80 traders in London and New York
Friday 06 January 2012
Around 80 traders at money broker Tullett Prebon have lost their jobs in the City and on Wall Street as austerity bites.
The firm said it expects to take a £10m hit from the shake-up, mostly in pay-offs to dealers who worked on trading floors around the world.
It is the latest blow to wheeler dealers who have endured a tough year of belt-tightening as client activity dries up. Bonuses are likely to be down sharply on last year, with many traders admitting they are happy just to be in work.
Tullett, led by the straight-talking chief executive Terry Smith yesterday took the unusual step of issuing a pre-close statement ahead of its annual results in March.
The statement was intended to reassure investors that, despite strife in the market, its business is holding up well. Revenues for the year will be "in line" with last year's £908.5m, said the firm. Tullett made a profit last time of £110m.
The statement added: "The world's financial markets have remained unsettled throughout the year.
"There have been periods of market volatility and heightened activity, although there have also been periods of more subdued activity."
Tullett shares firmed 0.6p to 271.8p.
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