TP ICAP Plunges, Ousts CEO as Merger Synergies Prove Elusive
TP ICAP Plc fired Chief Executive Officer John Phizackerley as the world’s largest derivatives broker said benefits from the merger that created the firm will be lower than expected. Investors wiped more than a billion dollars off the company’s market value. Phizackerley, 56, will be replaced by Nicolas Breteau, the former head of Newedge who runs TP ICAP’s global broking business, the company said in a statement Tuesday.