Jefferies cuts research staff to trim costs

Michael Bow
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INVESTMENT bank Jefferies is set to cut a number of equity research roles in London in an effort to reduce costs, it is understood.

The move will see some junior staff face redundancy across a handful of research sectors, it is thought.

A number of roles in sales are also understood to be under review.

The firm, which has its European headquarters in London, has around 230 analysts throughout the world.

In June, it revealed a drop in profits on the back of weak equity trading volumes and lower earnings from its underwriting business.

Its investment banking revenue also fell 9.5 per cent to $297m (£187m). Jefferies is the latest in a succession of investment banks shedding staff in London following cost reviews.

At the start of this month, it was revealed Deutsche Bank was plotting to cut 1,500 job in its investment banking arm, mostly based in London. JP Morgan Chase was also said to have cut jobs in May.

Jefferies declined to comment.