Tricom slashes margin loan business
Embattled broker Tricom Equities is busily reducing the size of its loan book and has seen broking revenues dive. Managing director Lance Rosenberg said that the total margin loan book for the firm will be reduced by $400 million over the next few weeks, but that this is part of a planned process. “This is not a knee-jerk reaction from this week because since June, as you all know, it was about $2.4 billion and about $1.5 billion late December and it has been steadily reducing since then,” he said. Mr Rosenberg also said that while trading revenue has been reduced over the last week the company is profitable and has a positive net cash position after taking into account outstanding loans.
Source: The Daily Telegraph