When Irish broker Davy embarked on a push to expand its UK equity capital markets team in 2022, it seemed like good timing. The London market had welcomed 125 new listings in 2021, raising $22.9bn in one of its busiest years in more than a decade.
Three years afterwards, however, Davy has pulled back from its City capital markets operation. It cut 10 jobs in January, with just a handful of debt underwriting bankers remaining in the capital.
