The Globe and Mail reports in its Thursday, Oct. 6, edition that veteran U.S. investment banker Stephen Rusch has left Canaccord Genuity ($4.66). The Globe's Niall McGee writes that Mr. Rusch was head of
consumer and retail investment
banking.
Mr. Rusch joined Canaccord
in 2014. He has been a banker
for about two decades, and previously
worked at Piper Jaffray &
Co., Merrill Lynch & Co. and Lehman
Brothers. He is known for his
expertise in mergers and acquisitions
advice.
The Globe says Canaccord declined comment.
An unnamed source says additional departures are
expected in Canaccord's New
York office. The source would not specify how
many people would be affected. As of the end of September,
Canaccord had 303 employees
in the United States.
Canaccord has already trimmed
its operations this year. In February,
Canaccord announced it was laying
off 7 per cent of its global staff,
which amounted to 125 people.
Those cuts affected bankers, sales
and trading staff, and back office
personnel in Canada, Britain and
the U.S. Canaccord had 1,742
employees as of the end of June.
The Globe says chief executive officer Dan Daviau has made cost-cutting
a key part of his strategy.
© 2024 Canjex Publishing Ltd. All rights reserved.