Canaccord Cuts 6% of US Staff as Deal Slowdown Hits Revenue

Canadian investment bank Canaccord Genuity Group Inc. cut about 25 people in its US capital markets unit in response to a slowdown in dealmaking and new equity issues.

The layoffs were done in the past 10 days, according to people familiar with the matter, and represent about 6% of the division’s roughly 400 US employees. The move doesn’t affect coverage or leadership, said one of the people, asking not to be named discussing personnel matters.

Canaccord, which primarily serves small- and mid-cap companies in the technology, life sciences and resource sectors, suffered a 28% drop in US capital markets revenue ...