Interdealer broker TP Icap has chosen Paris for its new European post-Brexit hub it revealed today.
TP Icaps new chief executive Nicolas Breteau said that the broker chose Paris over Frankfurt and Amsterdam because of its focus on banking and asset management.
TP Icap also announced a drop in profit for the first half of the year with pre-tax profit falling 52 per cent to £34m in the six months to 30 June.
Read more: TP ICap shares sink more than 30 per cent as it parts ways with boss
It blamed lower volatility in financial markets for the profit fall as investors pulled-back on risk taking.
In July it fired chief executive John Phizackerley and warned that its profits would come in below expectations, sending its share price plummeting by more than 30 per cent.
At the time it blamed “ongoing cost headwinds" of around £10m relating to Brexit, Mifid II, and regulatory and legal costs for the expected profit fall.
Read more: Broker TP Icap is thinking of shifting its EU hub from London post-Brexit
It said today that it expects its full-year results to be in line with market expectations.
“Todays interim results were broadly as expected and is the first stage in rebuilding confidence after the shock warning in July,” Peel Hunt analyst Stuart Duncan said.
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