(Updates with company comment in third paragraph.)
Nov. 30 (Bloomberg) -- Panmure Gordon & Co. said Chief Executive Officer Tim Linacre will step down as the British stockbroker expects to report a second-half loss.
Linacre will remain in his position until a successor is identified, the London-based broker said in a statement today. He will remain on the board and focus on client work, the company said.
“Recent severe market turmoil has caused the deferral of a number of sizeable investment banking transactions from the fourth quarter of 2011 into 2012 in both the U.K. and the U.S.,” the company said. “As a consequence of this, the group will now report a loss for the second half of the year.”
Panmure fell 15 percent to 11.5 pence as of 11:50 a.m. in London trading for a market value of about 17 milion pounds ($27 million). The stock has slumped 63 percent this year. The broker last year rejected a takeover approach from London-based rival Evolution Group Plc.
To contact the reporter on this story: Ambereen Choudhury in London at firstname.lastname@example.org
To contact the editor responsible for this story: Edward Evans at email@example.com