Discover your dream Career
For Recruiters

Peel Hunt MD retires to his private estate as redundancy fears strike the London office

Things are not necessarily going well at Peel Hunt, the UK banker to British mid-cap firms. Chief executive Steve Fine has been describing the market as "hollowed out" with no sign of recovery imminent. When the bank announced its half year results in December, it revealed a £700k net loss. The expectation is that cuts are coming soon, maybe even in the next few days. 

Get Morning Coffee  in your inbox. Sign up here.

Peel Hunt declined to comment for this article, but sources at the bank said the mood is bleak and that people at all levels have been leaving of their own accords. 

They include Richard Chambers, a former managing director in corporate broking and equity capital markets. Chambers left in March to become an estate manager for his private family office, based in Wiltshire. Chambers was only at Peel Hunt for 18 months, so the estate was presumably not bought with Peel Hunt bonuses.

In normal times, it's unusual for quite so many people to leave Peel Hunt because the firm imposes punitive bonus clawbacks equivalent to 100% of the most year's bonus (plus income taxes) and 50% of the previous years. In recent years, however, sources there say this has been less effective: "If the last bonus was zero and the one before that was a pittance, the clawback isn't exactly massive," says one. 

This might also explain why Peel Hunt people have been leaving for German bank Berenberg, which now employs Miles Cox, a former Peel Hunt M&A partner, plus former Peel Hunt corporate brokers John Welch, Michael Burke, Tom Ballard, and Adrian Trimmings.

 Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

author-card-avatar
AUTHORSarah Butcher Global Editor

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Articles
Recommended Jobs
Goodman Masson
Technology M&A Analyst - global boutique
Goodman Masson
London, United Kingdom
Man Group plc
Portfolio Manager (Macro)
Man Group plc
London, United Kingdom
Deutsche Bank
Trader - Vice President
Deutsche Bank
New York, United States

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.