TP ICAP CEO DEPARTS – TP ICAP shares fell by more than 30% after the broker announced their Chief Executive’s departure and their increased costs as a result of Brexit and new regulation. @John Phizackerly has left the firm and is to be replaced by Nicolas Breteau, who is the current Head of Global Broking Business. TP ICAP outlined the fact that their underlying operating profit will be impacted by “ongoing cost headwinds of around £10mn, relating to Brexit, MIFID II, regulatory and legal costs and IT security.” For this reason the broker revised their cost saving target from £100mn to £75mn annually by the end of 2019. TP ICAP Chairman, Rupert Robson said in a statement, “The acquisition of ICAP has given us greater scale to withstand this pressure. The potential for these combined businesses remains extremely compelling and this will be evidenced in the coming years. However, it has become clear that a change of leadership is required to execute our medium-term growth strategy and deliver the detail of the integration process.” #SpartanInternational