Canaccord Genuity Group Inc expects significant job cuts in its capital market business in the UK however, it will not effect its wealth management business in the UK or Europe.
In a significant development, Canaccord Genuity Group Inc stated it will restructure its capital markets business in the United Kingdom following increasing uncertainty over Brexit.
As per the financial services company, as a result of this development, it expects significant job cuts in its London-based capital markets business.
As part of this, Canaccord Genuity expects to incur a charge of about $12 million in its fourth quarter as part of the process.
“A prolonged period of political and market uncertainty in the UK has impacted capital raising and related activities in the region resulting in unacceptable returns,” said Canaccord Genuity in a statement.
However, the restructuring will not affect its wealth management operations in the UK and Europe.
The company’s capital markets business in the UK operates as Canaccord Genuity Limited.