U.K. broker, Evolution Securities, has reduced the cost base of its equities business, by 30%, Financial News reports. The bank failed to boost equities revenues and is seeking to refocus on core sectors in which it can better compete. The broker had entered the European cash equities market in 2009 after hiring 60 equities staff from Dresdner Kleinwort and Citigroup. Over a third of those hired in 2009 have been laid off, including Andrew Ross, head of sales trading, Martin Coughlan, head of trading and Nigel Birks, head of pharmaceuticals research.
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