US investment bank Stifel is re-evaluating its UK sales trading unit, with a number of positions across cash equities expected to be cut, sources have told The TRADE.
A spokesperson from Stifel confirmed a change to its footprint in cash equities is likely as part of a shift in focus towards become an advisory-led business in Europe, with capital raising capabilities for mid-market issuers.
Stifel has also highlighted that it anticipates continuing to offer execution services and distribute its US research along with additional select industry-specific products to UK and EU-based clients.
The TRADE understands the moves could see the firm exiting both mid-cap and large-cap trading and has prompted the departure of many senior staff members, including UK market maker for Stifel Nicolaus Europe, Robert Tappin, along with Peter Chapman, who holds extensive experience across large cap sectors.
Both individuals have previously worked in equity trading roles at Cazenove. Tappin has worked for Stifel since 2017 and also held an equity trader position at Macquarie Group. Chapman has been at Stifel since 2020, and prior to this, he was a European equity trader at UBS for 15 years.
“We don’t take lightly any decisions that impact our associates,” said the spokesperson.
“Proposed changes often require that we make difficult choices, but we believe it’s important to focus our efforts and resources in areas where Stifel can be more competitive to best serve our clients.”
Stifel’s strategy re-evaluation follows the acquisition of technology and healthcare focused European middle market investment bank, Bryan Garnier, which was announced in January 2025.
The TRADE understands that Stifel is now likely to align the European equities business with its focus on key sectors like healthcare, tech and financials.
Job cuts
The firm’s plans have also seen equity sales traders Louise Brooks and Kevin James leave the business, sources close to the matter told The TRADE. Brooks departs after 14 years working with the firm, while James’ exit follows 34 years’ experience in the equity sales industry, in positions at UBS and Panmure Gordon & Co.
Departures have also been prompted across the electronic and DMA team. Mark Barnes, director of electronic sales trading, managing director of electronic trading, Tony Nash and managing director for electronic hybrid sales trading, Colin Robb are all believed to have left the firm.
All three individuals hold extensive industry experience across firms including HSBC, Lehman Brothers, Deutsche Bank and Autonomous Research.
Stifel declined to comment on specific personnel.
Read more – Stifel makes a number of job cuts to its equities business in London
The latest development follows jobs cuts to Stifel’s London equities business in 2023, which saw numerous cuts to equity research roles, as well as the departures of managing director in equities trading, Daniel Arnold and Adam Lawson, director in specialist technology sales.