Canaccord Cuts 6% of US Staff as Deal Slowdown Hits Revenue
- Firm saw 21% drop in advisory revenue as M&A dried up
- It’s exploring ways to boost employee stock ownership
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Canadian investment bank Canaccord Genuity Group Inc. cut about 25 people in its US capital markets unit in response to a slowdown in dealmaking and new equity issues.
The layoffs were done in the past 10 days, according to people familiar with the matter, and represent about 6% of the division’s roughly 400 US employees. The move doesn’t affect coverage or leadership, said one of the people, asking not to be named discussing personnel matters.