Three London banks announced minor job cuts this week
Banks in London are cutting jobs. But the numbers are in the 10s rather than the 100s.
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As we reported yesterday, Panmure Liberum has cut 13 people in London, across banking, trading and research. It turns out that it's not alone.
Investec is reportedly making a few cuts to its London investment banking team. And Davy, the Irish brokerage firm, is reportedly cutting 10 jobs in its London capital markets team after hiring and building the team up to 25 people.
The cuts come after a disastrous 2024 for UK IPOs, which collapsed in 2021 and have yet to recover. Late last year, a senior banker told us that banks had resisted making job cuts proportionate to the revenue reduction in the hope that business would return.
Both Davy and Investec had been hiring in London. Davy, for example, added Heny Carver from Peel Hunt last April. Investec added Luke Smith from Citi as head of UK advisory last September.
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