At full strength, the unit should have 89 soldiers but is currently below strength at 40.

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Simon Cox, chief operating officer for CCG, said he appreciated the strength of feeling towards the unit and the decision was not taken lightly.

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The obvious star of the quarter was strength out of the HDFS unit which had been a major drag on results as the recession deepened.

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Two years ago, Sheffield University, which has added biotechnology to its traditional strength in engineering, set up a unit to try to turn some of its research discoveries into commercial ideas.

ECONOMIST: Yorkshire

Strength since early 2009 in emerging markets has driven solid unit gains for PCs off the late 2008-early 2009 lows.

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Purcell pushed Mack out in 2001 and retained control of the firm until the spring, when he faced unrelenting pressure from shareholders to divest the firm of the underperforming brokerage business and the credit-card unit and focus the firm back on its core strength: institutional securities.

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