Stifel Financial Layoffs: Calgary office shut, Toronto investment bank jobs cut

What’s happening at Stifel Financial?

Stifel Financial has closed its Calgary office, marking the end of its presence in energy investment banking within Canada’s oil patch.

The firm also laid off several investment bankers and analysts in Toronto as part of a broader restructuring effort.

The Calgary office shutdown signifies a major step back in Stifel’s Canadian operations.

The layoffs affected key personnel, including Stifel’s Canadian heads of sales and trading, and at least one senior investment banker.

Company statement

“We have made the difficult decision to scale back some operations in Canada, which includes closing our Calgary office,” said Neil Shapiro, Stifel’s head of corporate communications, in an emailed statement.

“Unfortunately, current market conditions and operations costs necessitate this action.” He added, “Stifel remains committed to the Canadian market, serving clients with a full range of investment-banking services out of our Montreal, Toronto and Vancouver offices.”

Additional Changes

Keefe Bruyette & Woods, Stifel’s research arm, has suspended its coverage of Canadian banks and financial service firms following the departure of the covering analyst.

This move further highlights the scale of Stifel’s restructuring in Canada.

Historical Context

The closure of the Calgary office ends an era of energy banking that began with FirstEnergy Capital Corp., a well-known Canadian oil and gas boutique investment dealer founded by billionaire Murray Edwards and partners, including Dragon’s Den star W. Brett Wilson.

SEE ALSO
• Fidelity International laying off 1,000 workers, part of cost-cutting plan
• Deutsche Bank slashing 3,500 jobs to improve operational efficiency
• Citigroup to eliminate 20,000 roles over the ‘medium-term’

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