Adams, Harkness & Hill reorganizes amid dismal market.(Brief Article)

Adams, Harkness & Hill Inc., the Boston investment bank, has shuffled its leadership team and reorganized its equity department less than three months after completing layoffs that slashed its work force by 10 percent.

The company said the latest changes, which included the dismissal and reassignment of investment bankers in critical positions, were aimed at positioning Adams Harkness for a coming economic recovery.

However, the moves also signaled that Adams Harkness -- which earlier this year boasted of plans to grow -- has joined investment banks across the country in responding to dismal capital market conditions by cutting staff, paring costs and shaking up their internal organizations.

Timothy McMahon, the firm's president and chief executive, conceded …