Gleacher & Co has announced that it has retained a financial advisor to assist it in exploring and evaluating strategic alternatives for the firm.
In furtherance of the firm’s strategic plan, Gleacher & Co intends to consider a range of available options, including partnering with one or more equity investors, strategic acquisitions and divestitures, and a business combination involving the firm.
Gleacher & Co has not made any decision to engage in any specific alternative at this time, and the exploration of strategic alternatives may not result in any specific action or transaction. The firm continues to implement and make progress on its strategic operating plan, as demonstrated by, among other actions, previously announced strategic organizational changes and the hiring of seasoned senior management professionals.
According to a regulatory filing as at 31st December Gleacher & Co had 453 employees, but up to 35 staff are thought to have left in May after Robert Tirschwell, the then head of trading, left the firm.
In the meantime, Bloomberg reports that European Union lawmakers said they will fight proposals from EU Financial Services Commissioner Michel Barnier that would water down legislation capping banker bonuses.
European Parliament members have until the end of the week to respond to Barnier’s compromises, which would weaken a ban they approved in May on bonuses larger than bankers’ fixed pay, Sharon Bowles, chairwoman of the assembly’s economic and monetary affairs committee, said in an interview.
'I’m not expecting there has been a big change of views' on the need for the curbs, Bowles said. Philippe Lamberts, the lawmaker leading the work on the measures for the parliament’s Green group, said in an August 27th interview that he would be 'amazed' if the assembly backed down.
Bankers are facing a backlash from EU lawmakers determined to cut variable pay as part of a quest to reshape lenders as utilities rather than money-making machines.
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