FX Week

Exco Bosses Take Pay Cuts As FX Broking Profits Dive

BROKERS

Directors of the foreign exchange and money broking group Exco International have taken pay cuts of 30 per cent after reporting a collapse in pre-tax profits from £43.5 million in 1994 to £18.2 million last year (FXW, March 18).

The crisis first became apparent in September when Exco said foreign exchange had been "barely profitable" in the first half of the year and announced £15 million worth of cost reductions (FXW, September 18) .

This was followed in November by a further round of savin