Investment bank Gleacher 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.

The article Gleacher to Drop Fixed-Income Units originally appeared on Fool.com.

Fool contributor Eric Volkman and The Motley Fool have no position in Gleacher & Co. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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