Investment bank Gleacher (GLCH) has announced that it will exit its mortgage-backed securities and rates business, as well as its credit-products operations. This move, the repercussions of which could potentially affect up to roughly 160 employees, is effective immediately.
In the press release announcing the change, the investment bank didn't elaborate on why it dropped those units.
Gleacher added that it is currently in preliminary talks with an outside entity "regarding a potential business combination," though it stressed that this was no guarantee that a deal would be reached. The counterparty was not identified.