Panmure Gordon is eyeing up a merger with its London-listed rival finnCap as the industry grapples with a deal slowdown and increased need to make savings.
Investment bank Panmure, which is controlled by Bob Diamond’s Atlas Merchant Capital, is reportedly in early stage talks with the financial services firm, as first reported by Mark Kleinman for Sky News.
Diamond was the former chief executive of Barclays and established Atlas back in 2013. He took over Panmure in 2017.
Meanwhile, finnCap has had a rocky few months, and has lost nearly two-thirds of its value in the past year.
To make matters worse, long time boss Sam Smith also stepped down in June after 24 years at the top spot, signalling a departure for one of the few female bosses in the City.
Investment banks have notably suffered the fall out of the slowing pace of initial public offerings this year, which have pushed firms to re-evaluate directions and forcing them to find efficiencies.
finnCap declined to comment, whilst Panmure was not immediately available to comment.
There was no confirmation of when a deal would be agreed.