Boutique Gleacher & Company is closing its equities business and cutting back in investment banking as part of a new strategic plan under Thomas Hughes, the former head of Deutsche Asset Management, who was appointed chief executive in May.

Gleacher & Company said in a statement yesterday that it will exit equities immediately. This will lead to 62 redundancies in its equities team and a further 32 in its investment bank. Certain other administrative positions will also be cut.