The City stockbroker controlled by former Barclays chief Bob Diamond is plotting a merger with one of its listed rivals as a slowdown in corporate activity drives a search for bigger cost savings
Panmure itself also used to be listed on the London stock market, and it was unclear whether a deal would see it launch a reverse takeover of FinnCap that would see it return to being a listed company.
Mr Diamond's move to take control of Panmure in 2017 came five years after he stepped down as Barclays chief executive just days after it was fined for manipulating the Libor interbank rate.Since then, he has parachuted in Rich Ricci, a former Barclays colleague, as Panmure's chief executive.Panmure reported in May that it had turned a profit for the first time since Mr Diamond took control.
A dearth of initial public offerings and takeover activity in the City this year have forced investment banks to begin cutting their cost-bases. At the weekend, it was reported that FinnCap was making 10 of its 150-strong workforce redundant, while The Sunday Times said that Numis, Peel Hunt and Zeus Capital were also trimming jobs.
Other broking firms are also expected to participate in industry consolidation, including WH Ireland, which is under siege from an activist shareholder.
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Diamond's Panmure Gordon plots merger with listed rival FinnCapThe City stockbroker controlled by former Barclays chief Bob Diamond is plotting a merger with one of its listed rivals as a slowdown in corporate activity drives a search for bigger cost savings
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