Gleacher & Co To Exit Fixed-Income, In Merger Talks

Exit Sign

Gleacher & Co, the New York-based brokerage that lost $159.8m in the past two years, will exit the fixed-income business and is in preliminary talks with another company on a possible combination.

Bloomberg reports that the decision will affect about 160 employees in units including mortgage-backed securities and rates and credit products, Gleacher said Wednesday in a statement.

Gleacher has been losing staff and clients have reduced or suspended trading because of  'questions regarding the strategic direction of the company', the firm said in its annual report filed March 18. Gleacher also said at the time it has had 'significant turnover' among its workers.

Hit the link below to access the complete Bloomberg article:

Gleacher to Exit Fixed-Income, in Talks on Combination

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