Turnover at Hoare Govett, the UK corporate broking arm of ABN Amro, slumped by 35% to £24.9m (€35.9m) in 2003, according to accounts filed last week with Companies House. Operating profit fell 31% to £8m, after rising by 14% between 2001 and 2002.

The firm generates most of its revenue from retainer fees and commissions paid by its UK corporate clients, of which 27 are in the FTSE 100, making it the third biggest broker behind Cazenove and Merrill Lynch.