Another London bank is cutting jobs: "There are a lot of boxes in the office"

Something is occurring at Stifel in London. Fresh from completing the acquisition of Bryan Garnier in January, multiple sources say the mid-market bank is cutting costs. 

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Insiders claim the bank put around 30 jobs at risk yesterday as it pivots away from equities sales and trading and focuses more on its advisory business. A spokesman for the firm confirmed that the business is being repositioned as an "advisory-led business in Europe with capital raising capabilities for mid-market issuers."

Sources say the changes were announced in a Zoom town hall earlier this week, and that the office is being primed for the cuts. "There are a lot of boxes around" says one. 

Cash equities professionals are expected to bear the brunt of the cuts, although the firm will continue offering execution services and distributing US research and some select products from Europe. Stifel cut 15 London jobs last April and reportedly cut research teams in Zurich and Frankfurt last month. Unconfirmed reports suggest the business is now being refocused on financials (through KBW), technology, healthcare and industrial sectors. 

Stifel has yet to release results for its European operations in 2024, but accounts released last October for 2023 revealed a £66m loss. 

At the time of its acquisition, Bryan Garnier had 200 employees and 33 managing directors spread between Paris, Amsterdam, Munich, Oslo, Stockholm, and New York. It's focused on healthcare and technology in Europe.

There are suggestions that some senior people have left Stifel of their own volition due to complaints about pay. As we noted previously, Stifel doesn't appear to pay women particularly well, or to hire many women. Last year, it was subject to a scandal when it became apparent that male employees were having sex with a cleaner.

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