The Globe and Mail reports in its Friday, June 12, edition that Canaccord Genuity is cutting key staff in its Canadian energy franchise as part of its plan to find $20-million in savings.
The Globe's Mark Rendell and Jeffrey Jones write that an unnamed source says Neil Duffy, who was managing director of energy banking in Calgary, was among those who have left the shop. Mr. Duffy had been with Canaccord since early 2016. Globe sources say Simon Akit, Toronto-based managing director of energy sales, was also among those who departed.
Meanwhile, Canaccord has suspended research coverage of 18 oil and gas companies, including such big names as Canadian Natural Resources, Husky Energy and Cenovus Energy. The coverage had been led by Dennis Fong, who has resigned to become lead energy analyst at CIBC. Mr. Duffy's departure follows that of Trevor Anderson, who was co-director of energy banking in Calgary, and left the firm last fall.
The recent staff reductions are part of a broader effort to cut costs and come alongside several other layoffs at the firm this week. Chief executive officer Dan Daviau said last week he was speeding up "cost-cutting measures to deal with the economic uncertainty caused by the pandemic."
© 2020 Canjex Publishing Ltd. All rights reserved.