Pali 'pulls plug' on City office

Pali International, the stockbroker that counts Nick Bubb the City's most famous retail analyst amongst its number, is closing its research and sales operation in London.

Shocked staff were told about the redundancies last Friday and further meetings are expected this week to decide the fate of Pali's remaining staff.

A City source said: "The US owners have clearly looked ahead to next year, decided enough is enough and have pulled the plug on large parts of the business in London." He added: "It's an open secret in the City that Pali has struggled badly but I can't see them being the only one to make big cuts in the next six months."

According to the division's latest accounts at Companies House, Pali posted an operating profit of just £285,309 for the year to the end of June 2008, from £713,845 the previous year.

The redundancies are expected to leave a staff of just 30 people in London operating the firm's economics and event driven strategy businesses.

A spokesman for Pali was unavailable for comment.