Back to the office, broker boss tells City traders

A TOP City broker made a rallying cry to get back to the office today, a sign of hope for bars, restaurants and other businesses in the Square Mile.

The City of London has been a ghost town for months, as banks and others make a success of working from home.

Today TP ICAP CEO Nicolas Breteau said he wants his near 2000 army of brokers back in offices at Liverpool Street, Broadgate and Victoria – while support staff may continue to work from home two days out of five.

“I will ask all our brokers to come back to the office from June,” he said. “It is easier and safer to have trading done from a dealing room, it is easier for brokers to operate together.”

In the year to December TP ICAP saw revenue slip 2% to £1.79 billion, while profit fell 3% to£223 million.

Breteau thinks that is a decent result, given disruption from Covid and Brexit.

It bought “darkpool” trader Liquidnet last year which should boost growth.

Recent market volatility, particularly over interest rates, is good for business.

He said: “We are benefiting from volatility in the markets, the steepening of the yield curve. Butit was a roller-coaster year.”

EU deals are less than 10% of trades, so Brexit has had a “negligible” effect on business, while still being an irritant, he added.