Tullett Prebon Cuts 60 More Jobs as Market Activity Slows
The company cut about 140 posts this year, London-based Tullett Prebon said in a statement today. That’s up from the 80 it said it would eliminate in March. Revenue for the first four months of the year was 305 million pounds ($493 million).
“In the light of the challenging market and competitive conditions and the increased costs faced by the business relating to electronic platform development and other costs related to impending regulatory changes, a number of actions were taken towards the end of 2011 to reduce costs,” the company said in today’s statement.
The stock fell 2.7 percent to 308.6 pence in London trading, for a market value of about 672 million pounds.
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