Interdealer broker Tullett Prebon said today had made cuts to over 90 brokers in the first quarter as part of efforts to slash annual costs by around £14m, as the impact of thin trading volumes continues to bite across the financial sector.

The UK broker said in an interim management statement this morning that it had reduced its headcount by 140 globally, with over 90 of the cuts coming among front-office brokers. The rest ahd come from support functions, it said.