ICAP to cut 100 jobs, in blow to voice brokers

摘要

ICAP has decided to cut 100 voice brokers in its global broking business, suggesting the testosterone-driven traditional market model of providing interdealer liquidity could be under threat. While the cuts account for only 5% of the 2000-strong division, they come after an extended period of becalmed trading in financial markets that has seen ICAP lower costs aggressively through reducing compensation. Many banks reported falling trading revenue at their investment banking divisions in the first quarter of 2014, with fixed income, currency and commodities trading bearing the brunt of the slump. "Market conditions remain challenging and, as we have previously stated, we are looking to achieve £60m of cost savings across our business," said Serra Balls, global head of communications at ICAP. "As part of this we are reviewing our global broking business to ensure it is properly aligned to the new market structure and operates in the most efficient manner."