European equity research teams have cut the number of analysts they employ and increased the number of stocks they cover, according to a research industry consultancy.

The number of analysts employed by the top 10 research houses fell by nearly 5% last year to 887, while the number of stocks covered by the banks rose by 3.5% to 6,077, according to StarMine. The figures illustrate what recruitment specialists have said over the past 12 months about cuts to research departments.