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London's Stockbrokers Under Siege

Europes crisis reduces volume of shares traded and fees from IPOs and share sales

By Sarah Jones | Updated on December 22, 2011

London’s stockbrokers are shrinking as Europe’s sovereign debt crisis and competition from international firms squeezes revenue and fees.

“This isn’t just a blip, this is much worse,” said Tim Linacre, who is stepping down as chief executive officer of Panmure Gordon & Co., a 135-year-old brokerage. “It’s a desert for activity, which is why you are seeing some firms throw in the towel.”

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