The Globe and Mail reports in its Saturday edition that the once highly profitable independent investment banks and brokerages are reeling amid technological upheaval and a shrinking pool of deals at a time when big banks are muscling into their territory. The Globe's Niall McGee writes that one brokerage head expects the resource supply-demand imbalance to last for years. As brokerages go, The Globe says, Canaccord Genuity is faring better than rival GMP Capital. Canaccord reported a loss of $400,000 in the last quarter, whereas GMP lost $1-million. Canaccord has a significantly stronger presence in wealth management and a solid footprint internationally, which has helped shield it from a sharp decline in revenue in Canada. The firm is not as dependent as GMP is on resources. Canaccord recently appointed a new chief executive officer, Daniel Daviau, after the sudden death of predecessor Paul Reynolds. The Globe notes that Mr. Reynolds, a former investment banker, is an untested CEO. CIBC analyst Paul Holden says Mr. Reynolds "has a reputation for being an outstanding investment banker." One of his first measures as CEO was to axe 15 bankers in its United States operations earlier this month.