Stifel is making some Christmas job cuts

Stifel, the brokerage firm that has been hiring in recent weeks, is cutting jobs, again.

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Multiple sources say that Stifel is making cuts to its London trading business, with as many as 20 jobs thought to be going. It's understood that the execution and market making team is being cut.

A spokesperson for Stifel said: "This is the next phase in the evolution of our European operations, advancing our transition to a more advisory-centric, capital light business model." The firm will still offer equity research, sales, and trading of European financial institutions via KBW.

Stifel put around 30 jobs in London at risk in April as it moved away from equities sales and trading and focused on its advisory business. It has, however, been hiring too, and recently added Jack Harvey from Tavira Financial in September, Yannis Bouchakour from SocGen in October, and Sam Hart from Berenberg last month. 

Stifel's execution business is run by Seema Arora, who joined from Instinet in October 2024 to run agency and risk trading, plus high touch, program trading and electronic sales trading. Arora didn't respond to a request to comment. 

Equities salespeople and traders have had a good year. Two weeks ago, Bloomberg reported that the equities sales and trading fee pool is at its highest level since 2005. 

Stifel's spokesman declared: "We are committed to making targeted investments in our European platform to solidify Stifel as a market leader in areas where we can make the greatest impact for clients."

The firm will continue to operate an advisory and corporate broking business and will provide US research and execution capabilities to European clients.

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