£800m fall at broker TP Icap

ABOUT £800million was wiped from the value of bonds and derivatives broker TP Icap as it ousted its chief executive and warned that rising costs would hit profits.

Shares in the FTSE 250 firm crashed 151p to 269¼p as it slashed its target for annual cost savings from £100million to £75million. Underlying profit will by squeezed by extra charges of about £10million relating to Brexit, IT security, regulatory and legal costs.

Chief John Phizackerley has been replaced by head of global broking Nicolas Breteau. Chairman Rupert Robson said: “It has become clear a change of leadership is required.”