Tullet Prebon Axes 210 Jobs as Revenue Tanks
Tullett Prebon axes 210 jobs as revenue dropped by 15%Reuters

Tullett Prebon is axing 210 jobs after the British interdealer broker revealed that revenue tanked by 15% during the first six months of this year.

The group said that 160 front office staff and 50 back office jobs will be axed from its 2,328-strong workforce, reducing its headcount by 9%, as it looks to step up cost cutting measures.

Overall, first half revenue dropped to £360.3m (€455.5m, $611.5m) from a year earlier.

"Market conditions remained challenging throughout the first half as the overall level of activity in the financial markets remained subdued," said Terry Smith, chief executive at Tullett Prebon.

"Consistent with the lower level of market activity, revenue in the first half of the year was 15% lower than in the same period last year.

"We cannot predict when the level of activity in the financial markets we serve may increase, and it would be prudent to expect that market conditions will continue to be difficult.

"We therefore continue to focus on managing our costs whilst maintaining our capability and seeking opportunities to develop the business.

"We expect that the benefit of the actions being taken to further reduce headcount and other fixed costs will be reflected in the results for the second half of this year."

The brokerage warned in May that jobs would be cut.