Axed Icap equities staff in line for £250,000 payoffs

By Harry Wilson, Financial Services Correspondent 630AM GMT twenty-three March 2010

ICAP

Top traders, salesmen and analysts could get stand in this amount, according to one headhunter, with Icap in line to compensate some-more than �25m to the employees of the loss-making section after announcing the business"s closure yesterday morning.

The shutdown of the European and Asian money equities business, that will cost Icap as majority as �51m, follows an catastrophic try to sell the operation.

Nomura to cut 1,000 jobs in London City benefactors present millions to Tories Miner convene notwithstanding some-more notice bells Qataris pronounced to be encircling Panmure Gordon Entrepreneurial suggestion pays dividends for Michael Spencers Icap

One source pronounced "There were a lot of people expressing seductiveness but after the list was wheedled down and the time support for a understanding was done clear, no one was in a on all sides to action quickly enough."

Icap is accepted to have perceived as majority as eleven indications of seductiveness in the equities commercial operation from banks together with South Africa"s Investec and Australia"s Macquarie Securities, according to a London equity marketplace source.

Competitors, together with the banks that voiced an seductiveness in shopping the business, are being speedy to hit teams they wish to sinecure as this will revoke the payouts Icap needs to make, though there is still a deceptive hope, according to one source, that a customer could step in to buy the commercial operation outright.

"There aren"t any duffers there and I"d design majority of them to get a new pursuit soon," pronounced one recruiter.

In the past twelve months, the commercial operation lost some-more than �2m a month as equity trade volumes fell and critical clients such as sidestep supports cut behind their levels of trade activity.

Michael Spencer, Icap arch executive, pronounced "While a series of the money equities businesses are behaving well, the enlargement in to full-service group money equities in Europe and Middle East has unsuccessful to compare up to the expectations. After a consummate examination we have thus motionless to repel from the full use offering."

Icap will recover a trade matter on Wednesday.