Collins Stewart Tullett starts Prebon jobs cull

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According to sources close to the firm, up to five senior level Prebon staff have been suspended, and up to 30 of Prebon's technology division are to be made redundant. Tim Dennis, global head of business development is believed to be among those who have left, according to sources close to the firm.

Collins Stewart has said it plans to shut down underperforming desks at both brokerage firms. Overlaps of management and support staff are expected to result in further redundancies.

Once the back office and IT integration processes are completed, more technology staff face job cuts.

Collins Stewart plans to merge the Prebon and Tullett businesses in an attempt to replicate the success of larger rival Icap and to achieve pre-tax savings from the merger of about 60m a year.

Prebon employs 1,650 staff and generated operating profit before goodwill and amortisation of 15m in the 12 months to March 2004. In contrast, rival Icap, which employs 2,900 staff, generated pre-tax profits of 170.2m during the same period.

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