LONDON, July 10 The head of European government
bonds at ICAP has left the company, two sources with
knowledge of the matter said, as the British broker pushes ahead
with a cost-cutting plan to mitigate slower trading volumes.
London-based John King, who joined ICAP in 2005 after
working at rival Tullett Prebon, is one of a handful of brokers
to have left the company in recent weeks, one of the sources
said, asking not to be named.
It is not clear if King, who could not immediately be
reached for comment, will be replaced. ICAP declined to comment.
The company said at its annual results in May that it
planned to increase cost-cutting by up to 120 million pounds
over three years, including more staff cuts.
Like many inter-dealer brokers, who act as the middlemen
between buyers and sellers of bonds, currencies and other
financial assets, ICAP is battling a big drop in trading by its
clients since the 2008 financial crisis.
In the year to end-March, when ICAP delivered 60 million
pounds in savings, the company cut 147 jobs, trimming headcount
to 4,976. The number of brokers fell by 152 to 2,195. This
included the departure of 344 voice brokers.
ICAP CEO Michael Spencer said on Wednesday it was too early
to predict a sustained upturn in trading for the year ahead,
despite volatility in U.S. bond markets triggering a jump in the
buying and selling of some assets since May.