TP Icap’s Rising Costs Force CEO Ouster

Broker fires CEO as Brexit, compliance and IT costs mount.

City of London

John Phizackerley has been replaced by Nicolas Bretau, the head of TP Icap’s global broking business, and Robin Stewart has been named as the chief financial officer of the firm. It warned that ongoing costs related to IT security and the implementation of the revised Markets in Financial Instruments Directive (Mifid II) would create “cost headwinds” of around £10 million ($13.3 million) this year, and £25 million ($33.1 million) in 2019.

“The evolving landscape is driving up costs across our i

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