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TP Icap counts cost of overambition

TP Icap counts cost of overambition

Companies that overpromise and underdeliver are often severely punished by shareholders. For TP Icap (TCAP), downgrading expected synergies from its 2016 acquisition of Icap’s voice broking and information business from an annualised £100m to £75m by 2020 wiped more than a third off the group’s market value in just one day.

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