Panmure boss steps down after turmoil causes loss

Tim Linacre is to stand down as chief executive of City broking firm Panmure Gordon after it issued a profit warning reflecting the recent turmoil in financial markets.

Shares in the firm fell 14% or 2p to a new low of 11p.

Linacre will stay with the firm and remain on the board but spend more time concentrating on looking after clients.

Chairman Ed Warner said: "Tim has been with the firm for more than 20 years - the last six as chief executive. I am delighted that he has agreed to remain in that position until a new chief executive is appointed and also delighted that he intends to remain with the firm thereafter to concentrate on serving Panmure Gordon's clients."

Panmure said that it is now expecting to report a loss for the second half of the year because "a number of sizeable investment banking transactions in both the UK and the US" had been deferred by its corporate finance clients.