Tullet Prebon slashes more jobs as tough times continue

Jobs are being slashed and legal battles continue at inter-dealer broker Tullett Prebon.

The company has raised the number of redundancies targeted in a cost cutting drive to 140 from 80 as it looks to make £14m in savings.

The job cuts are being driven by "challenging market and competitive conditions and increased costs relating to electronic platform development".

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Tullett is also engaged in legal action against rival BGC on various fronts. Tullett appears to have lost at least one round, being fined $0.8m for misusing BGC's data, although there are still battles ahead over who should pay legal fees and over an alleged "raid" that BGC made on Tullett's business back in 2009.

The company says its financial position is "strong" but the market is wary; the stock was down 2.9% at 09:35.

BS