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London Broker Panmure Liberum Cutting Dozens of Jobs After Merger – BNN Bloomberg

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(Bloomberg) — Investment bank Panmure Liberum is set to eliminate more than two dozen roles following a merger that marked a shake-up among the City of London’s corporate brokers earlier this year. 

The cuts are expected to be announced as soon as this week, people familiar with the matter said, declining to be identified discussing internal personnel matters. A representative for Panmure Liberum declined to comment. 

Mid-cap boutiques Panmure Gordon and Liberum agreed to combine in an all-stock deal in January. Together, they employed about 280 people across the UK and North America, they said at the time. Last month, Panmure Liberum announced the deal’s completion and said the company would implement a “robust integration plan.” 

Britain’s corporate brokers have been squeezed by a sleepy market for initial public offerings and a shrinking pool of smaller UK-listed firms, prompting some to seek mergers for scale. Last year’s acquisition of Numis by Deutsche Bank AG for £410 million ($522 million) is one of the biggest examples to date. 

The merger of Panmure and Liberum brought a relative upstart together with one of the Square Mile’s oldest firms. 

Panmure Gordon was founded in 1876 to help finance Chinese and US businesses, and transactions in the UK, according to its website. In the subsequent decades, it was acquired and sold by multiple financial institutions. In 2017, Bob Diamond’s Atlas Merchant Capital and Qatar’s QInvest took control of the company. 

American-born Diamond, who stepped down as Barclays Plc’s chief executive officer after regulators fined the lender for rigging Libor, hired his former investment banking head Rich Ricci to run Panmure Gordon in 2020. 

Ricci now leads the merged firm, while Liberum’s Bidhi Bhoma is deputy CEO.

©2024 Bloomberg L.P.

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