Sandler O’Neill & Partners LP, the 24-year-old investment bank that focuses on financial clients, fired about 20 people in units including trading and deal advisory, said people with direct knowledge of the decisions.
Dismissals resulted from a slump in trading and in mergers and acquisitions, said one of the people, who asked to remain anonymous because the reductions were private. The firm will still employ more than 300 people, the person said. Departing executives include Scott Buchta, a managing director and head of mortgage strategy, and Michael Schramm, who traded commercial mortgage-backed securities, the people said.
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