The Globe and Mail reports in its Tuesday, Feb. 3, edition that independents such as Canaccord Genuity Group ($6.30) have struggled in recent years to compete for market share with the largest players, such as the brokerage arms of the big banks. The Globe's Bertrand Marotte and Niall McGee write that Canaccord plans to cut staff by about 4 per cent. CIBC World Markets analyst Paul Holden says he "wouldn't be surprised" if fellow independent brokerage GMP Capital ($5.26) also reduced its head count. Mr. Holden, however, is not expecting that GMP's cut would be as deep as Canaccord's cuts. The analyst says GMP is "relatively lean in terms of their cost model. It's very much a low salary and cash bonuses [operation], when the revenue is there. ... Their costs fluctuate a lot with revenue, which helps." GMP will report its fiscal fourth quarter earnings in March. Mr. Holden downgraded GMP Capital ($7.79) to "sector underperformer" from "sector performer" in The Globe on March 6, 2014. GMP shares could then be had for $7.79. In the item he said, "The stock appears overvalued." Mr. Holden reiterated his "sector outperformer" rating on Canaccord in The Globe on Dec. 16, 2014. It was then worth $6.56.