- Company pares 15 jobs as part of U.S. capital markets changes
- Firm cuts U.S. high-yield fixed-income trading business
Canaccord Genuity Group Inc. promoted Dan Coyne to lead U.S. investment banking as part of a reorganization that includes cutting institutional high-yield fixed-income trading in the U.S. and the loss of 15 jobs.
Coyne, a 17-year veteran of the Toronto-based firm, will be supported by a new investment-banking advisory council of Matt Steere and Andrew Pojani, according to a Nov. 6 memo to staff from Jeff Barlow, Canaccord’s U.S. president. The company also named Eugene Rozelman as head of biotech and specialty pharma investment banking, a new role.
Dan Daviau, who took over as chief executive officer in October, is realigning the firm’s U.S. capital-markets operations, including streamlining its research department by cutting three positions and naming Michael Graham to lead the business. Canaccord Genuity also cut three equity sales jobs.
“The goal of these decisions is to improve our alignment and lower our costs while seeking to invest in those areas which we believe will allow us to prosper," Barlow said.
Other cuts have been made in U.S. fixed-income business with departures of nine high-yield distribution salesmen, according to the memo.
“We decided to substantially exit our institutional high-yield fixed-income trading business," Barlow said. “We did not foresee a clear path or timeframe to achieving an acceptable contribution."
Gene Borg and Rick Zuck will stay to focus on trading high-yield debt, and the firm is maintaining a three-person leveraged-finance desk led by Mark Pibl, according to the memo.