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London bank said to eject various people hired in 2022

2021 was a good year for London's brokerage firms. Panmure Gordon, owned by Atlas Merchant Capital, which is itself owned by former Barclays' CEO Bob Diamond, achieved a 75% increase in revenues according to accounts filed with Companies House. In the process, Panmure's £3.5m loss in 2020 became a £3.6m profit. Rival firm Liberum had a similar experience: profits rose nearly 400% over the period.

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Emboldened, the two firms did some hiring. Panmure's headcount went from 135 to 146 people between 2020 and 2022. Liberum added various external recruits. Then things changed. Panmure suffered a £16m loss in 2022; Liberum's  £4m profit in 2021 became a £9m loss in 2022.

The two firms merged earlier this year, and now that the combined firm is jettisoning staff, several of their 2022 prizes appear to be being let go or leaving of their own accords. 

Panmure Gordon didn't respond to multiple requests to comment for this article, but the "dozens of jobs" disappearing at the combined company this week are understood to include those of Edward Maravanyika, a Citi director who joined Liberum as head of industrials research in 2022, Sam Wahab, a former Cantor director who joined Liberum to cover oil and gas research in the same year (who left of his own accord), and Lena Thakkar, a leisure research who re-arrived at Panmure Gordon two years ago (and who has left entirely of her own volition). 

Other exits are said to include John Churchill, head of equity sales in the US office, who had the possible misfortune to move from Liberum to Panmure in 2022, prior to this year's merger. 

Beyond the 2022 joiners, exits are thought to encompass Dr Mike Mitchell, a healthcare researcher who'd been around for 11 years and Charlotte Adolpho, a former Goldman Sachs analyst and real estate researcher who joined Panmure Gordon in 2018.

The exiting individuals are emerging into a difficult hiring market. SocGen and Bernstein also made cuts earlier this year following the launch of "Bernstein", the joint venture for their equity research and global cash equities businesses. "It's tough at the moment: there are an awful lot of people looking for jobs," says one equity research headhunter. 

The moral of the story may be that it's inadvisable to swap jobs at the peak of the market. 

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AUTHORSarah Butcher Global Editor

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