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.