Exco Warns Over Profits Fall After Laying Off FX Traders

BROKERS

Shares in money brokers Exco dropped 21p to 120p after the company issued a profits warning saying it was taking further steps to reduce costs.

Exco says it will take a £4 million restructuring charge to cover the cost of the changes but would not expand on how many more jobs would go.

Peter Edge, chief executive, says this further restructuring is in addition to the £15 million worth of cost-cutting measures already announced (FXW, September 18).

Closure Costs

The biggest element is the cost of