London broker loses one-third of value as boss axed
London broker TP ICAP, which has a base for 300 employees in Belfast, has seen around one-third wiped off its stock market value after sacking its chief executive and warning over a hit to earnings from Brexit costs.
The group - the world's biggest inter-dealer broker - said boss John Phizackerley had left with immediate effect and has been replaced by Nicolas Breteau, the head of its global broking division.
The announcement came as it warned over full-year underlying earnings, which it said would be hit by an extra £10m of costs relating to Brexit, new regulations and IT security.
These costs are set to surge to £25m next year, while it is also spending about £40m after ramping up investment to expand the group.
TP ICAP, which changed its name from Tullett Prebon after snapping up ICAP's voice broking business, also announced it would slash its annual cost savings target from £100m to £75m as it refocuses on investment.
Two years ago, Tullett Prebon announced it was opening a technology centre in Belfast, to employ 300 people by 2019. It's now based in Belfast's City Quays 2.
On its decision to sack Mr Phizackerley, the group said that a "change of leadership" was needed.
Chairman Rupert Robson stated that change was required in order to "execute our medium-term growth strategy and deliver the detail of the integration process".