# Cavendish scraps co-chief executive regime as it swings to loss

- URL: https://talkfuse.com/story/cavendish-scraps-co-chief-executive-regime-as-it-swings-to-loss/
- Published: 2026-11-11T07:38:40+00:00
- Updated: 2026-11-11T08:38:49+00:00
- Original publisher: City AM (publisher lean: Right)
- Original article: https://www.cityam.com/cavendish-scraps-co-chief-executive-regime-as-it-swings-to-loss/
- Topics: Business

## Key points

- Cavendish reported a near £500,000 half-year loss.
- Revenue fell 20 per cent to £22.9 million.
- The bank plans £3 million in annual cost savings.

## Summary

Cavendish has ended its co-chief executive arrangement as part of an overhaul after reporting a pre-tax loss for the six months to September. The Aim-listed investment bank is cutting costs and scrapping its interim dividend as weaker dealmaking and subdued markets put pressure on its business.

The group lost nearly £500,000, compared with a £1 million profit a year earlier, while revenue fell 20 per cent to £22.9 million and deal fees dropped to £12.4 million. Cavendish plans to reduce annual costs by £3 million over the next six months, with about £2 million expected from employee changes. Julian Morse will remain sole chief executive; John Farrugia is leaving the role and board. Morse said the firm has a healthy pipeline, including potential IPOs, for the coming year.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.