Icap chief executive Michael Spencer has drawn a line under a year-long restructuring of the interdealer broker's voice broking division that involved the cutting of 500 front-office staff and dragged down the firm's revenues last year.

Speaking on a full-year earnings call on Tuesday, Spencer said a "fundamental review" of the group's voice broking was "substantially completed", resulting in annualised cost savings of more than £70 million, exceeding a target of £60 million.