TP ICAP PLC (TCAPI.L)
16 Aug 2018
Tue, Aug 7 2018
TP ICAP has chosen Paris as its European Union hub once Britain leaves the bloc, attracted by the city's focus on banking and asset management, its new CEO said on Tuesday, as the world's largest interdealer broker posted lower first-half profit.
* CEO says spoke to regulators in Frankfurt, Paris and Amsterdam
Aug 7 TP ICAP Plc, the world's largest interdealer broker, said on Tuesday it chose Paris to be its European Union headquarters after Britain leaves the bloc, as it reported a more than 52 percent drop in first-half pre-tax profit.
The world's largest financial broker TP ICAP fired Chief Executive John Phizackerley on Tuesday and warned rising costs would see profit fall short of expectations this year, sending its shares crashing by more than a third.
* Shares sink to over 3-year low (Adds details, shares, Phizackerley, analyst and source comment)
The world's biggest interdealer broker, TP ICAP said its Chairman Rupert Robson will leave the group at the end of the year, nearly six years after he assumed the role.
* Stock hits low down more than 10 pct (Adds CEO comments, details, share movement)