Tullett Prebon to cut a further 80 jobs Terry Smith, chief executive, said the cuts would affect workers in Europe, North America and Asia and cost about £7m. Just two months ago the group said it would cut 80 trader jobs in London and New York at a cost of £10m, with its US business bearing the brunt. The redundancies were announced alongside a fall in pre-tax profits to £119.2m during the year ending December 31 - down from £141.3m a year ago. "The world's financial markets remain unsettled...and it seems reasonable to expect that there will be some periods of market volatility and heightened activity during 2012, as well as periods of more subdued activity," the City stalwart added. Actions have been taken to reduce costs and to maintain flexibility in the cost base, although the business does face increased costs relating to electronic platform developments and impending regulatory changes. Tullett Prebon competes with firms such as Icap, BGC Partners and GFI Group to match the buyers and sellers of currency, bonds and swaps. Last year, the company said it was "seeking substantial damages from BGC" after the defection of a dozen staff from its London office to its rival. The case was settled during the first half of the year although separate legal action continues to be pursued against BGC and former employees in the US. Tullett has also been accused of stealing proprietary pricing data from rival BGC. The company said it had incurred a net charge of £6.6m in 2011 reflecting "the costs incurred in bringing and defending these actions and the provision for the estimated cost of the resolution of the claim against the Company, net of the settlement received from the legal action taken in London." This compared to £7.7m in 2010.