Rich Ricci, the investment banker who was named chief executive of City broker Panmure Gordon in March last year, is looking to get back to basics at the firm that has struggled to stem tens of millions in losses over the past two years.

The broker, which since 2018 has been reinventing itself into a “21st Century merchant bank” supported by millions of pounds from former Barclays CEO Bob Diamond’s investment vehicle Atlas Merchant Capital, has preached patience over the years as it transformed from a traditional City broker into a firm also offering investment banking services and private capital raising.