… shows no signs of letting up.
The latest casualty is Altium Securities.
We are also picking up rumours that Religare is considering “strategic options” for its UK operation, which owns Hichens, Harrison, London’s oldest stockbroker and recently parted company with its CEO, Martin Newson.
This news follows the closure of Unicredit’s London-based equity sales and trading business on Monday and a wave of redundancies at Evolution Securities.
And there’s talk this evening that another wave of redundancies will be announced by one of the bulge bracket banks later this week.
Sadly, we don’t think it’s UBS, which is expected to outline plans to shrink its investment banking operations at its annual investor day on Thursday.
Consolidation looms for independent brokers – FT