Canaccord Slashes 7% of Canadian Workforce

Canaccord Genuity is reducing its Canadian workforce by 7%, primarily in its capital markets division, due to a prolonged downturn in mergers and financings. This decision amounts to around 75 job cuts at the firm, which has nearly 1,200 employees in Canada.

This workforce reduction follows recent changes in Canaccord’s executive leadership, including the departure of the president of Canadian capital markets, Pat Burke, and the appointment of Stuart Raftus as the CEO of Canaccord Genuity Corp. The company is also trimming its U.S. capital markets staff by 6%.

Canaccord Genuity’s decision to cut jobs is based on a comprehensive evaluation of its operations, said Raftus in an internal memo sent out on Tuesday.

Raftus said that the firm had a “goal of designing an organized structure consistent with the current and forecasted economic environment.”

Investment banks in both Canada and the U.S. are contending with reduced deal activity, impacting revenues generated from underwriting and M&A advisory services. While U.S. equity markets have performed well, much of the returns have been concentrated in a few prominent companies, leaving smaller and mid-sized firms, Canaccord’s specialization, with limited deal opportunities.

are losing their job as a result of this layoff.

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