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TP ICAP names ex-JPMorgan executive Berliand chairman

12/14/2018 | 03:03am

(Reuters) - Interdealer broker TP ICAP said on Friday former JPMorgan Chase executive Richard Berliand would join as chairman-designate early next year, taking over from Rupert Robson, who is set to retire after 12 years on the board.

The change comes months after the world's largest financial broker fired CEO John Phizackerley and warned rising costs would hurt profits this year.

Berliand, a 23-year veteran of JPMorgan and currently a member of Deutsche Börse AG's supervisory board, will become chairman in May.

TP ICAP has been battling higher costs stemming from Brexit, the European Union's MiFID II regulatory reform and IT security this year. Last month it said revenue had fallen 1 percent in the first 10 months of the year.

Shares in TP ICAP, the product of a merger between London's two big financial market brokers Tullett Prebon and ICAP, have slid 43 percent so far this year.

(Reporting by Muvija M in Bengaluru; Editing by Bernard Orr and Sai Sachin Ravikumar)

© Reuters 2020
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