The Globe and Mail reports in its Wednesday, Aug. 2, edition that Canaccord Genuity is slashing 7 per cent of its Canadian staff this week. The Globe's Jameson Berkow writes that the bulk of cuts will come from its capital markets division. The Globe says Bay Street is grappling with a prolonged dry spell for mergers and financings that is forcing investment banks to rethink their head counts. The layoffs, announced Tuesday, amount to about 75 job losses at Canaccord, which employs close to 1,200 people in Canada. Before the cuts, Canaccord's Canadian capital markets arm employed 275 people, while its North American wealth management arm, which is predominately a Canadian business, employed close to 500 people. Canaccord's corporate division, which includes the Canadian back office, employs 427 people. The Canadian cuts follow a shakeup at Canaccord's executive ranks, with the investment bank parting ways with its president of Canadian capital markets, Pat Burke, in June. Former wealth management head Stuart Raftus is now chief executive officer. Canaccord also cut 6 per cent of staff in its U.S. capital markets arm over the past few weeks, and the division had close to 400 employees.