Tullett Prebon took on around 1,500 brokers when it swallowed Icap’s global broking division to form TP Icap in December.
The merger was subject to scrutiny by both the Financial Conduct Authority (FCA) and the Competition and Markets Authority (CMA) last year. The two firms made concessions by selling off certain desks to address regulatory concerns.
The job cuts come as TP Icap announced a 23 per cent rise in half-year profits to £144m.
Source: City A.M.