Top firm cuts CEO bonus after fine

Pair Of Scissors

ICAP cut CEO Michael Spencer’s bonus 75% after profit missed targets and the interdealer broker paid a fine to settle a probe by British and U.S. regulators into Libor-rigging.

Bloomberg News reports that Spencer’s 2014 bonus will be reduced to £700,000 ($1.2m) in cash and shares from £2.8m ($4.7m) in the year-earlier period, the company said in its annual report today. His total compensation will fall to £2.2m ($3.7m) from £4.3m ($7.2m), ICAP said.

Interdealer brokers such as ICAP act as a go-between for banks and profit when prices fluctuate because more traders use the products they trade. ICAP said last month operating profit declined 4% in the year through March as interest rates at record lows curbed volatility and banks scaled back their fixed-income, currency and commodity trading activities.

To access the complete Bloomberg News article hit the link below:

ICAP Reduces CEO Spencer's Bonus 75% After Settlement

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