Moelis & Co., the advisory firm founded by Kenneth Moelis in 2007, eliminated the jobs of about 20 bankers in New York and London, people with knowledge of the matter said.
The cuts, which reduced the firm’s global workforce of 600 by about three percent, were at the vice president and senior vice president level, said the people, who asked not to be named because the reductions haven’t been made public.
Moelis reduced its staff as part of its six-month business review, the people said. Kenneth Moelis declined to comment through a spokeswoman.
The investment bank ranks 11th among companies advising on mergers this year, according to data compiled by Bloomberg. It ranked 24th in 2012.
Barclays Plc, UBS AG, and other firms have trimmed investment banking staff this year to cut costs amid a slump in mergers and acquisitions. The global volume of deals has dropped more than 3 percent to about $906 billion in 2013 compared with the year-earlier period, data compiled by Bloomberg show.
To contact the reporter on this story: Matthew Monks in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Jeffrey McCracken at email@example.com