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Peel Hunt's job cuts included an unexpected victim

As we reported last week, Peel Hunt, the UK mid-market investment bank, is cutting jobs. Some of those compelled to leave appear to have come as a surprise internally.

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Bloomberg reported on Monday that Peel Hunt is cutting 10 people in London. We understand that the list includes Jock Maxwell McDonald, the bank's comparatively long-serving co-head of equity capital markets syndicate. 

McDonald wasn't there when we called, but he was at Peel Hunt comparatively recently. We understand that he's been busy executing a large block trade.

Peel Hunt declined to comment. Chief executive Steve Fine recently described the market as "hollowed out" with no sign of recovery imminent. The firm made a £700k net loss in the six months to December.

Alongside Maxwell McDonald, Peel Hunt is also understood to have let go of Bhavesh Patel, an associate director in natural resources. It's thought that various other senior people in the bank have been instructed to increase revenues dramatically in the coming months, or more cuts may be necessary later in the year.

Maxwell McDonald joined Peel Hunt in 2013 after previously working for Cazenove, Credit Lyonnais Laing, HSBC James Capel, Charterhouse, Merrill Lynch and Brewin Dolphin. Much like Richard Chambers, a former Peel Hunt M&A partner, Maxwell McDonald is thought to have retreated to his country estate, this time in Scotland.

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AUTHORSarah Butcher Global Editor

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