Gleacher & Company will exit its underperforming equities business and focus on its core fixed-income, advisory and corporate finance businesses. The move results from a strategic review of its operations and the implementation of a new strategic plan.

The move will impact 62 employees and reduce annual run rate operating expenses by about $40 million. After the restructuring, the firm will carry a headcount of approximately 400 employees.

Click here for the release from Business Wire.