Glenn Poulter, head of equities at Oriel, hired from ICAP in December 2010, and former head of Citigroup’s cash equities business, has gone after approximately 1 year.
City AM suggested yesterday that Poulter left because things, ‘just did not work out’. Poulter had also allegedly requested that he be allowed to extend the period beyond which he could withdraw the investment he made in the firm initially, a request that Oriel apparently refused.
It’s not clear what Poulter plans to do next, but headhunters claim he’d be a good investment for anywhere else building an equities franchise, due to his good network of contacts in the City.
Nor is it entirely clear what Poulter’s exit means for Oriel’s alleged interest in Hoare Govett, or for Oriel’s equities business and its many other new hires. Last year, the Financial Times reports that Oriel increased its headcount by 30%.
Meanwhile, in other bad equities news, headhunters claim Jefferies has just made a round of equities redundancies. Rumour has it that Santander is planning one soon.