Gleacher & Co has fired Chief Executive Officer Thomas J. Hughes and Chief Operating Officer John Griff a day after the struggling brokerage’s biggest shareholder took control of the board.
Deutsche Bank said on Wednesday it has named Jerry Miller to run the German bank's asset and wealth management business in the Americas.
The Blackstone Group has agreed to buy a private equity business owned by Credit Suisse.
Gleacher & Co, the New York-based brokerage that lost $159.8m in the past two years, will exit the fixed-income business and is in preliminary talks with another company on a possible combination.
As Thomas Hughes prepared to run Gleacher & Co in 2011, he vowed to cut costs and transform the brokerage into a 'substantial force'. Now the stock is down 66% as he grapples with losses and worker defections.
Defections become infectious.
Blackstone Group President Tony James earned $64.2m last week by selling a fraction of his stake in the world's largest alternative asset manager at a time when its shares are hovering near a five-year high.
Rich Ricci, the head of investment banking at Barclays (BCS), said management was overly optimistic about the global fee pool when it chose to expand the business in the wake of the Lehman Brothers acquisition.
Gleacher & Co, a small broker-dealer whose shares have plunged 43% in the past 12 months, said it is no longer pursuing short-term fixes for its low share price, prompting investor speculation that it is close to a sale.
Be careful out there.