Icap is cutting brokers who manually handle certain interest-rate trades as it pushes more transactions toward electronic platforms, reflecting a broader shift in how the brokerage giant has historically conducted business, according to people familiar with the operations.

London-based Icap this week cut about half a dozen so-called voice brokers who specialise in interest-rate swaps, products that fluctuate in value as interest rates move. The layoffs include some at a Jersey City, NJ, desk known internally as "Treasure Island" because of its history of profits, the people said.