by Canaccord promotes Mike Lauzon in leadership shuffle after job cuts
Canaccord Genuity Group Inc. shuffled its Canadian capital markets division, installing a new slate of leaders following a round of job cuts.
Mike Lauzon was named head of investment banking for Canada, according to a staff memo seen by Bloomberg. He joined the firm in 2016 to run technology, media and telecom investment banking. Chris Blackwell, the current head of Canadian investment banking, will retire from that role next month while staying on as an adviser.
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Derek Dley, who leads research in Canada, has been tapped to run Canadian equities. Rob Young will take over as equity research chief in the country, and Jeff Campbell will head fixed income and central funding for Canada.
Canaccord recently laid off about seven per cent of its North American staff, primarily in its capital markets division, following a global slowdown in dealmaking and new equity issuances.
The firm — which primarily serves small- and mid-cap companies in the technology, life sciences and resource sectors — has had a turbulent year.
Executives tried to take the company private, but the bid expired in June as they struggled to get timely approval from regulators. Canaccord then disclosed that it faces an investigation related to its wholesale market-making activities and may have to pay a “significant penalty” to settle it.