The Globe and Mail reports in its Friday edition that iA Financial is restructuring its capital markets division and laying off staff. The Globe's Tim Kiladze, Clare O'Hara and Andrew Willis write that as part of the changes, iA has laid off 17 capital markets employees, particularly in investment banking. iA said more than 30 employees will remain in the division, and they will continue to operate in areas such as bond trading and foreign exchange. Spokesman Pierre Picard said in a statement, "Market conditions have been very challenging over the last two years with rising interest rates, limited new emissions on the primary market and challenging corporate deal flow volume." iA has a small capital markets division relative to the Big Six banks and to large independent dealers such as Canaccord Genuity Group, but the cuts are another blow to Bay Street, which has already faced layoffs in recent months from companies that include Canaccord Genuity, BMO Nesbitt Burns and Laurentian Bank Securities. iA has more than 9,000 employees and is best known for its insurance and wealth-management operations. The Globe says investment banks around the world are grappling with dramatically lower deal volume this year.