Canaccord Cuts 4% of Workforce Amid Slowdown in Capital MarketsKatia Dmitrieva
Canaccord Genuity Group Inc., Canada’s largest non-bank brokerage, is reducing its workforce by 4 percent amid a slowdown in capital markets.
Canaccord is cutting jobs in its U.K., Europe and U.S. capital-markets units at a pretax cost of about C$22 million ($17.5 million), the Toronto-based company said in a statement dated Feb. 1. The brokerage had 2,018 employees as of Sept. 30, which would put the job cuts at about 80 people.
Chief Executive Officer Paul Reynolds said in November that the company experienced a slowdown in equities trading and transactions in the fiscal second quarter amid volatile markets. The company’s U.S. operations were especially affected, Reynolds said.
Canaccord fell 0.2 percent to C$6.15 at 10:22 a.m. in Toronto. The shares have declined 21 percent this year, the worst performance in the 47-company Standard & Poor’s/TSX Financials Sector Index.