Tullett Prebon Reduction Rises to 7.5 Percent Despite Higher Revenues
Firm originally projected 5 percent cuts to front-office staff.
The firm released a statement that it would cut around 7.5 percent of its front office. In November Tullett Prebon stated it was planning on making approximately a 5 percent reduction to its staff. The cost of the layoffs will be roughly £25 million ($35.5 million) in 2015 and then £10 million ($14.2 million) in the first half of 2016.
The news comes despite the firm experiencing higher revenues over the last two months of 2015. Performance of PVM Oil Associates, which was acquired by Tullett Prebon in November 2014, has been especially strong.
Revenue of the overall firm in November and December was £125 million ($177.6 million), 14 percent higher than the same period in 2014. PVM accounted for 10 percent of those gains. In 2015, Tullet Prebon's full year revenue was £796 million ($1.1 billion), which was 13 percent higher than the £704 million ($1 billion) reported in 2014.
In November Tullett Prebon agreed to acquire fellow London-based inter-dealer broker Icap's global hybrid voice broking and information business. The deal was worth $1.68 billion, according to a Reuters report.
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