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TMP Worldwide entered the executive search field in March 1999 when it agreed to get LAI Worldwide Inc., a firm primarily based in New York City, for much more than $80 million in stock. TMP Worldwide registered commissions and costs of $162.6 million in 1996. It lost $52.4 million immediately after taking a charge of $52 million for issuing stock to current shareholders of TMP’s predecessor corporations in exchange for their shares in these corporations. By July 1997, when TMP sold 2.4 million extra shares to the public, its stock was trading at $22.25 a share.

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