Rush of voluntary & involuntary departures from London's newest bank
No sooner had Cenkos Securities and Finncap announced their resurrection as Cavendish, the City's newest investment bank, than it seems the combined entity has been afflicted with a series of exits and redundancies.
Cavendish isn't commenting on numbers, but a spokesperson for the firm said: “As anticipated when the merger of Cenkos and finnCap was announced, there is a certain amount of duplication of roles. The two firms have completed a consultation with staff and on completion of the merger there will be a very small number of compulsory redundancies.”
Sources claim that the cuts have hit some teams harder than others. The investment banking team, for example, was only lightly afflicted. The research team appears to have suffered more than others.
Alongside the redundancies, people have also been leaving Cavendish for rivals. Leigh Webb, the former head of financial sponsor coverage is currently on gardening leave and thought to Oppenheimer. Others are understood to have gone to Zeus Capital.
Further exits are allegedly likely as individuals unhappy with the new arrangement go elsewhere.
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