The Globe and Mail reports in its Thursday edition that Canaccord Genuity Group is restructuring its United States division after an $80-million (U.S.) settlement with market regulators to settle a three-year investigation into compliance issues, including failures in its anti-money-laundering program. The Globe's Andrew Willis writes that Jeff Barlow, head of the New York-based investment bank for 11 years, is retiring immediately but will serve as an adviser. Chief executive officer Dan Daviau will temporarily manage the U.S. division until a successor is found. This is the largest penalty ever imposed on a broker-dealer for violating the U.S. Bank Secrecy Act. Mr. Barlow joined Canaccord in 2007 after spending 15 years at rival U.S. investment banks. As head of the U.S. division, he made a number of acquisitions and hired bankers and financial advisers to build what is now the company's largest division, with 350 professionals and $500-million (U.S.) in annual revenues. "Jeff is transitioning at a time when this business is stronger than ever and positioned for its next phase of growth," Mr. Daviau said. The settlement did not weigh on Canaccord's stock price, which is up 38.5 per cent over the past 12 months.