The City tycoon behind CMC Markets has taken a 50 per cent pay cut as the spread-betting company announced that profits had fallen by nine tenths after a regulatory crackdown and quiet range-bound markets. Peter Cruddas, 65, told The Times: “I’m not getting any bonus at all this year. My earnings will halve, I think.”While CMC has yet to publish pay numbers for the year to March, Mr Cruddas’s pay package looks likely to shrink from £846,000 with a bonus to his base pay of about £420,000. He put a brave face on the slump in pre-tax profit from £60.1 million to £6.3 million, saying that business had stabilised after European regulators imposed rules designed to protect novice punters. He said the performance was…

Source: The Times June 06, 2019 23:03 UTC