Canaccord Genuity Group Inc to restructure capital market business over Brexit-related uncertainties

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.

Advertisements


Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

Tags: , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: