A London bank made another round of job cuts, months before bonuses
It's nearly a year since the merger between Panmure Gordon and Liberum, and Panmure Liberum is still right-sizing its teams.
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The firm didn't respond to a request to comment, but multiple sources said there was a round of job cuts at Panmure Liberum today. Around 13 people are thought to have been cut, across research, banking and sales. Many of those cut are understood to have come from Liberum.
Panmure Liberum declined to comment. The cuts are thought to be part of a standard annual procedure.
Following the merger, the two firm had 290 employees, of whom around 130 are thought to have come from Panmure Gordon. Accounts for Panmure Gordon UK Limited year ending December 2023 show the firm making a £5.4m loss. This is the latest round of post-merger cuts, which included the disappearance of dozens of jobs in June.
Panmure Liberum is principally focused on investment banking and equities. Both have been struggling in the UK, where IPOs have collapsed since 2021.
In a normal year, Panmure announces its bonuses around March. This year, there might not be much to look forward to anyway.
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