TP ICAP, the world’s largest interdealer broker, named Paris as its new EU headquarters post-Brexit and reported a more than 50 per cent drop in half-year profits as it grappled with higher than expected costs related to the UK’s exit from the trading bloc, as well as its ICAP purchase.
The London-based group, which has more than 3,000 voice brokers who negotiate deals over the phone, said on Tuesday that it had chosen Paris as its EU headquarters “from where its European-based business will be managed and run after 29 March 2019”.
The move will be a boon to French president Emmanuel Macron, who has launched a charm offensive to woo City of London business, with promises to row back on red tape and cut taxes.
Nicolas Breteau, who took over as chief executive last month after the company fired his predecessor, said on a call with reporters that the company did not plan to “move many jobs out of London”. The group had also spoken to regulators in Frankfurt and Amsterdam before making the decision, he said. [...]
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