Industrial Alliance layoff hits small capital markets division

iA Financial Corp (Industrial Alliance) is laying off staff and making changes to its capital markets division, adding to the recent job losses on Bay Street.

As part of these changes, 17 employees in the capital markets division, mainly in investment banking, have been let go. iA has stated that over 30 employees will remain in the division, focusing on areas like bond trading and foreign exchange.

The decision comes as a response to challenging market conditions in the past two years, marked by increasing interest rates, limited new offerings in the primary market, and a decline in corporate deal flow volume, according to spokesperson Pierre Picard.

iA’s capital markets division is relatively small compared to the major banks and large independent dealers like Canaccord Genuity Group Inc. Nonetheless, these job cuts add to the recent layoffs on Bay Street, which have affected companies such as Canaccord Genuity, BMO Nesbitt Burns, and other giants in the banking industry.

Earlier this week, RBC Dominion Securities also reduced its workforce, particularly in its fixed-income division, following its announcement last month of further staff reductions of one to two percent.

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