Wednesday, 10 February 2016

Canaccord Genuity wields the axe

Here is a tale to add to the doom and gloom that has descended upon financial markets since the beginning of the year.

It would appear there has been a bit of a cull over at Canaccord Genuity, the Canadian stockbroker that has been gobbling up British brokers in the last couple of years.

I'm told by sources that over 30 of Canaccord's UK staff were booted out yesterday - that's almost 10pc of the company's British workforce.

Apparently, the natural resources team - including analysts and advisory bankers - bore the brunt of yesterday's axe. The retail bond team is also said to have been affected by the cuts.

The purge comes after Canaccord has seen a string of departures from the M&A advisory business the company inherited when it bought Collins Stewart in 2011 for over £250 million.

Canaccord Genuity declined to comment.


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