Phizackerley was only informed of the decision on Monday.
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-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 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.
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-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 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.
Noel Quinn's Surprise Exit Marks End of an Era at HSBC
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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