The cuts at the Toronto-based investment firm primarily affected those in the capital markets division and represent about seven per cent of the company’s 1,200 employees in Canada, Bloomberg reported, citing people familiar with the matter. Last month, the firm let go of 25 workers in its U.S. capital markets division. (Bloomberg)

Talking point: In a memo to staff, Canaccord management said it’s creating “an organizational structure consistent with the current and forecasted economic environment.” The reductions on Tuesday come amid a global dealmaking slowdown as mergers and acquisitions activity hit a three-year low in the first half of 2023, according to financial market-data provider Refinitiv. The layoffs follow a wave of struggles for the firm. In June, executives squashed their all-cash $1.1-billion management buyout offer to take the firm private, a battle that led to multiple board directors’ resignations, The Globe and Mail reported. Later that month, the firm said it was under investigation by regulators and may face a significant penalty.