Tullett Prebon is to cut almost 10 per cent of its staff as the City broker reels from a slowdown in trading.
Tullett, which is poised to part company with Terry Smith, its chief executive, said that about 160 of the staff affected would be in front-office roles, including traders. Another 50 jobs will be lost in support areas, such as administration and deal processing. It employs more than 2,300.
Although the cull is expected to cost about £42 million in redundancy and other payments, it will save at least that amount each year once the programme is complete. The savings are more than double the amount Tullett said in May that it wanted to generate, when it first signalled redundancies.
Tullett, as an interdealer