Canaccord to trim size of its capital markets team

Mon Feb 2, 2015 8:16am EST
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TORONTO (Reuters) - Canaccord Genuity Group (CF.TO: Quote) said it plans to trim the size of its workforce within its global capital markets business, in light of weak current market conditions.

In a statement released late on Sunday, the Toronto-based financial services firm said the plan will primarily affect its operations in Europe and the United States and that it will result in a 4 percent reduction in the size of the company's workforce.

Canaccord said the job cuts will result in a pre-tax costs of about C$$22 million.

(Reporting by Euan Rocha)