Shares in broker TP Icap (LON:TCAP) plunged over 30 percent on Tuesday morning, after the group fired their CEO and warned on lower profits for the full year.

The move surprised both investors and chief executive John Phizackerley himself, who said he only found out about the decision on Monday.

Rupert Robson, chairman of TP Icap, said: “The evolving landscape is driving up costs across our industry. The acquisition of ICAP has given us greater scale to withstand this pressure. However, it has become clear that a change of leadership is required to execute our medium-term growth strategy and deliver the detail of the integration process.”

He will be replaced with immediate effect by Nicolas Breteau, its head of Global Broking.

TP Icap, the largest interdeal broker, also warned that earnings for the full year would come in below the bottom end of market expectations, as the effect of Brexit, Mifid II regulatory changes, legal fees and IT security take their toll on figures.

Shares in TP Icap, which was formed in 2016 after a merger with Tullet Prebon and Icap, are currently trading down 31.68 percent on the news at 287.06 (0925GMT).