Bloomberg reports that profit slid to $217m in the six months to the end of September from $295m pounds in the year-earlier period, London-based ICAP said Wednesday. ICAP said full-year profit would be at the 'low end' of the $475m to $526m range of analyst estimates.
'This has been one of the toughest periods in my 36-year career in the wholesale financial markets', CEO Michael Spencer said in the statement. 'I do not believe this negative environment will continue indefinitely, but equally I do not expect it to improve imminently'.
ICAP is cutting costs to bolster profit as the crisis crimps transactions on its foreign-exchange and fixed-income trading platforms. The company expects to make more than $79.3m of reductions by the end of this financial year.
Hit the link below to access the complete Bloomberg article: