10:57:02 EDT Fri 29 Mar 2024
Enter Symbol
or Name
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CA



Canaccord Genuity Group Inc
Symbol CF
Shares Issued 112,776,918
Close 2016-12-29 C$ 4.69
Market Cap C$ 528,923,745
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Globe says Canaccord's bonus spat had tongues wagging

2016-12-30 08:07 ET - In the News

The Globe and Mail reports in its Friday, Dec. 30, edition that Canaccord Genuity Group's bonus kerfuffle had tongues wagging in 2016. The Globe's Niall McGee writes that the first rule of investment banking is do not mess with bonuses. Canaccord's management did just that. In May, The Globe reported that certain Canaccord bankers were told that they would not receive their year-end bonuses unless they committed to staying with the firm for a year. One disgruntled banker likened the policy to "being held hostage." After a brief impasse, a truce was worked out whereby bankers were paid a smaller bonus, with the balance to be paid in stock due to vest over a number of years. The stipulation to commit to staying a year was dropped. A number of Canaccord's top bankers left the firm soon after the kerfuffle. Canaccord shares had an up and down year. The shares started 2016 at about $5.10 and then tumbled to a 52-week low of $3.50 in March, and then rallied to its 52-week high of $5.13 in June, only to fall back to a tad above $3.50 in November, before making a final rally to its current price of $4.69.

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