TP ICAP Parts Ways with CEO John Phizackerley

TP ICAP, the world’s largest interdealer broker, announced on Tuesday that its Chief Executive Officer, John Phizackerley, will step down with immediate effect. As a result of the sudden move, shares in the company fell by more than 25 percent.

At the same time, the broker warned that it would need to change its targets due to Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term-related costs. This is expected to cause a dip in the company’s 2018 underlying operating profit, which will be below analysts expectations.

Speaking to the Financial Times, Phizackerley said he had only been told of the decision on Monday. In addition, he said it was not the position of the board at its last meeting on June 20, 2018, in New York when the half-year numbers were discussed.

Once regulatory approval is received, Phizackerley will be replaced by Nicolas Breteau, who is currently the head of global broking for the company.

The chairman of TP ICAP, Rupert Robson, said: “the evolving landscape is driving up costs across our industry. The Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of ICAP has given us greater scale to withstand this pressure.

“However, it has become clear that a change of leadership is required to execute our medium-term growth strategy and deliver the detail of the integration process.”

Cutting targets

On Tuesday, the London broker said it is reducing its annualized cost savings target for 2019. The target has been reduced from around £100 million ($132.46 million) down to £75 million ($99.35 million). This is because the company needed to invest to meet evolving industry trends, such as spending on MiFID II, Brexit and legal and IT costs, the statement said.

Phizackerley had set the previous savings target as part of the integration of its £1.3 billion purchase of the global broker business of ICAP.

The company also informed that the increased finance costs would rise to around £40 million. However, the statement added that revenues for the six months to June 30 this year were three percent higher than the same period last year.

Following the news, shares in the broker-dealer fell as much as 29 percent in early trading to 298 pence a share.