Much talk in the broking world this week about the legal action between the City’s broking giant TP Icap and Michael Spencer’s Nex group. For those out of the loop, TP Icap was formed from the merger of Tullett Prebon and Icap — the latter being the broker that made Spencer one of the richest tycoons in the Square Mile. Spencer handed over his telephone broking operation while retaining the trading platform he’d built called Nex. The merger has been one of the more spectacular failures. Cost savings which looked fairly pedestrian at the time of the deal proved illusory. The chief executive presiding over it all was fired, sending the share price down a third. Against that backdrop, TP Icap is suing Nex over some trifling claims that they weren’t told Spencer’s staff were entitled to certain incapacity benefits. Investors this week were asking: what’s the point in that? To investors, there are far deeper questions to be asked of this management. Such as: why did Robson’s board not insist on keeping more Icap high-ups after the merger? Instead, the integration was left down to a team including newbies to interdealer broking (IDB) brought in by chief executive… Read full this story
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Jim Armitage: TP Icap must find answers to more than this legal case have 338 words, post on www.standard.co.uk at December 20, 2018. This is cached page on Business Breaking News. If you want remove this page, please contact us.