The creation of a new UK-based voice and hybrid broking company – called TP Icap – will have 5,000 staff, and is expected to generate at least £60 million in savings and have a combined revenue of £1.1 billion.
John Phizackerley, Tullett Prebon’s chief executive, speaking to The Independent, says: ‘Inevitably what we’re aiming for is a single support staff infrastructure between the two organisations.’
Asked by the paper ‘whether that meant hundreds of job losses among the new company’s 2,000 support staff’, Phizackerley says: ‘That would be a logical conclusion but I’m not putting a number on it today.’
The deal is subject to the approval of their shareholders, clearance from ‘certain antitrust authorities’, and the ‘consent of various regulatory bodies’, and is expected to occur in 2016.
The merger means three interdealer brokers remain standing in a highly competitive sector. BGC bought rival GFI earlier this year, while Swiss-based Tradition is the third one.
Full content: Or-Politics
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