Interdealer broker Icap is reducing its Brazilian workforce by at least of 20 percent, Financial Times reports. The job cuts are part of a restructuring and come in the wake of losses it has seen in the country over one and a half years.

About 50 to 60 of the broker’s 250-strong workforce in Brazil were terminated in the “first stage” of the restructuring. The first phase is also expected to include the sale of assets and more sackings.

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