Smiths sackings shock City
Wednesday 22 March 1995
Smith New Court, the City's leading independent securities house, has sacked 14 employees including three smaller company market-makers, six corporate finance specialists and three UK agency salesmen.
Rival stockbrokers said they were shocked by the sacking of three well known and respected smaller company market-makers - David "Windy" Miller, Ian Barrett and David Silver.
The last year has been tough for small company stockbroking, but participants say volumes have picked up in recent weeks.
One competitor said: "The last few days have been the busiest we've had for months. These are a nice bunch of blokes, good at what they do. From the market's point of view, it's a strange decision."
Smith New Court played down the move as "fine-tuning the business".
Paul Roy, the chief executive, said: "There is no change of policy or philosophy on how we do the business. We are not pulling out of any stocks. We are changing the personnel on our smaller companies side to do the business a bit differently."
Two years ago both SG Warburg and UBS pulled out of smaller companies. Smith took that as an opportunity to increase its smaller broking operations.
Smith's smaller company market-making team, which was six-strong before the sackings, will be rebuilt around Geoff Bunton, Mr Roy said. This was a small move considering that Smiths had 1,700 people worldwide, he added. Just a week ago Smiths recruited 11 analysts from Barings in Japan.
Smith's shares yesterday finished 1p down at 453p.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...