26 December 2004
MINI investment bank Durlacher is looking for a tie-up with another financial services outfit that could trigger big changes in the boardroom.
The firm went through an upheaval in October when chief executive Christopher Stainforth was replaced by Simon Hirst, former head of corporate finance.
Stainforth's departure followed revelations that he had received a £200,000 bonus that apparently was not approved by the full board.
Now Hirst is trying to make a clean break with the past and build on Durlacher's strength in corporate finance. Insiders say that the firm is looking for a tie-up with another small City outfit.
And that could spark the departure of Durlacher chairman Tony Caplin and senior non-executive director Jack Wigglesworth, former chairman of the futures exchange Liffe.
Caplin and Wigglesworth have already agreed to take big pay cuts and Hirst has volunteered to forgo his bonus this year as the firm strives to cut costs.
Durlacher says 'nothing concrete' has been planned in the way of merger, takeover or other tie-up with a rival firm. But reliable sources within the firm said a deal was in prospect.
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