Fox-Pitt, Kelton hit by more resignations

At least 20 staff left, including London-based Richard Wynn-Griffiths, head of European sales, and Jason Robins, head of European equity trading. They are understood to have defected to Keefe, Bruyette & Woods, a US investment boutique, with 12 other Fox-Pitt, Kelton analysts and traders. Two senior US analysts, Reilly Tierney and Mike Hallett, went to hedge funds, while Citigroup poached the four-man Italian corporate finance team.

One former Fox-Pitt, Kelton employee said Wheeler had been asked to leave in the wake of the departures.

However, a source close to the company said Wheeler had resigned voluntarily. He added that the bank's London business was recruiting to replace those who had left.

The former employee said many of the analysts and traders had departed following management changes since the bank's acquisition by Swiss Re in 1999.

Bob Yates, head of research, is one of the few remaining veterans. He has stepped in to run UK equities, while Phil Lotz, based in the US, has taken over as global head of equities.