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CORRECTED-UPDATE 1-UK's Tullett Prebon cuts 210 jobs after revenue falls 15 pct
July 29, 2014 / 7:01 AM / in 3 years

CORRECTED-UPDATE 1-UK's Tullett Prebon cuts 210 jobs after revenue falls 15 pct

(Corrects number of job cuts to 210 from 110)

* H1 revenue falls 15 percent to 360.3 mln stg

* Underlying profit before tax falls 30 percent to 43.2 mln stg

LONDON, July 29 (Reuters) - Interdealer broker Tullett Prebon said first-half revenue fell 15 percent and announced around 210 job cuts, as regulatory changes shake up its industry.

Tullett, whose brokers match buyers and sellers of currencies, bonds and swaps, has recently stepped up cost- cutting measures and said in May that jobs would go.

On Tuesday, the London-based company said it was cutting around 160 front office and 50 back office roles from its 2,328-strong workforce.

Tullett and rivals ICAP and BGC Partners are facing massive changes.

Revenues have declined as investment banks pull back from risky trading activities to comply with new rules brought in after the financial crisis, while ultra-low interest rates have further reduced banks’ scope to trade.

A regulatory push to force more derivatives trading onto electronic platforms in a bid to make the market more open and safer has also hit trading volumes.

Tullett said market conditions would continue to be difficult, but it expected to see the benefits of its cost- reduction scheme in its second-half results.

Revenue in the six months to June 30 fell to 360.3 million pounds ($611.5 million) from 439.8 million pounds a year earlier.

Underlying profit before tax was down more than 30 percent to 43.2 million pounds.

The interim dividend was unchanged at 5.6 pence per share.

$1 = 0.5892 British Pounds Reporting by Clare Hutchison; Editing by Erica Billingham

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