With deal flow drying up and clients nervous, small and medium sized firms are likely to seek safety in numbers.
Speculation about tie-ups are bound to extend to Numis, Cenkos and perhaps Peel Hunt.
All have seen fees fall and are under pressure to cut jobs.
Panmure, one of the few remaining old style broker names, came under the control of Diamond and the Qatari royal family back in 2017.
It was hoped his network of middle east contacts and the skill of CEO Rich Richie, a former Barclays colleague, would revive the firm.
Panmure did manage to make a £3 million profit last year but has more usually been deeply in the red in recent years.
A takeover of Finncap would bring one of the oldest names in the City – Panmure was formed in 1876 and remains at the heart of the Square Mile at One New Change – together with one of the newest.
FinnCap was set up in 2007 and is based near the Museum of London. Its shares today moved up 3p to 17p, which values the business at £32 million. That suggests a bid of £40 million would probably succeed.
Finncap jobs in particular would seem to…
