CORRECTED - CORRECTED-UPDATE 1-Thomas Weisel posts Q1 loss; says to cut 13 p

(Corrects paragraph 4 to clarify that analysts had expected the company to post a loss of 8 cents per share, not a profit)

(Recasts, adds details) April 30 (Reuters) - Thomas Weisel Partners Group Inc (TWPG.O: Quote, Profile, Research) posted a wider-than-expected first-quarter loss, hurt by a 78 percent drop in investment banking revenue.

The investment bank said it reduced total headcount by 9 percent in the quarter and plans to cut 13 percent more jobs.

The San Francisco-based company posted a loss of $17.8 million, or 54 cents a share. Excluding items, net loss for the quarter was $14.8 million, or 45 cents a share.

Analysts on average had expected the company to post a loss of 8 cents a share, before special items, according to Reuters Estimates.

Investment banking revenue decreased to $11.5 million in the latest first quarter from $52.8 million last year. But brokerage revenue rose 13 percent to $36.1 million.

CEO Thomas Weisel said near-term equity capital market conditions remained difficult and uncertain, and at this point, the company have not experienced material improvements. (Reporting by Supantha Mukherjee in Bangalore; Editing by Gopakumar Warrier)