Panmure Gordon has cut the three-strong Charles Stanley fixed-income team it acquired last year and dropped plans to grow the business, as part of broader staff and cost-cutting measures that will see the City stockbroker pull out of non-core areas under its new CEO.

Staff numbers at Panmure Gordon have dropped from a peak of 137 in July last year to around 100, the firm said in its full-year results on March 31, which showed a £4.1 million loss for 2015.