The shake-out of brokers and dealmakers in the City of London has not come to an end, news in the Square Mile today revealed.
First, broker WH Ireland Group PLC announced that it has struck a deal to offload its capital markets division to Zeus Capital, with a price of "up to £5 million" agreed, though most of the agreed payment will be due next year.
Later, it emerged that newly formed investment bank Panmure Liberum is to make a number of redundancies, having completed its merger last month.
The new broker and corporate finance group, formed from the combination of Panmure Gordon and Liberum Capital, will get rid of "more than two dozen roles", according to Bloomberg.
Panmure Liberum, owned by Qatar's QInvest and former Barclays boss Bob Diamond's Atlas Merchant Capital, employed roughly 280 people across the UK and North America at the time of the merger, which was agreed in February and completed last month.
WH Ireland said its own deal was expected to be complete by mid-July 2024 at the latest, as it looks to return the business to sustainable profitability.
After getting an initial cash payment of just one piund on completion, the £4,999,999 deferred consideration is to be paid in cash "within 30 days of the first anniversary of completion".
Bosses said they believe that the sale of the capital markets arm will help to "satisfy these objectives by immediately reducing the liabilities, as well as the working and regulatory capital requirements of the group, while also increasing potential cash inflows if and when the deferred consideration is paid".