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A Bay Street sign, the main street in the financial district is seen in Toronto, January 28, 2013.MARK BLINCH/Reuters

Canaccord Genuity Corp. has parted ways with senior mining analyst, Gary Lampard.

"We thank Gary for his contribution to the mining franchise over the past 11 years and wish him well in his future endeavours," Canaccord management wrote in an internal note sent to employees.

Mr. Lampard was based in Toronto but had previously done stints in Australia and London. He had covered a broad swath of the Canadian mining industry, including Cameco Corp., HudBay Minerals, Lundin Mining Corp. and Teck Resources Ltd.

As a result of Mr. Lampard's departure, Canaccord promoted Peter Bures to mining analyst. Mr. Bures is relatively new at Canaccord, having joined in 2014.

On Friday, Canaccord announced a series of deep cuts across its U.S. investment banking team via an internal note to staff. Fifteen jobs were lost in sales, trading and equity research.

The firm also announced it is getting out of the high-yield fixed income trading business.

"We taken several steps to streamline our business, lower our operating costs, and position better the firm for future growth, profitability and success," wrote Jeff Barlow, president of Canaccord's U.S. operations.

As part of the changes, veteran banker Dan Coyne was named U.S. head of investment banking. Mr. Coyne has been with Canaccord since 1998. Eugene Rozelman was also appointed head of biotech and specialty pharma investment banking.

Last week, Canaccord reported weak quarterly financial results, including a 53-per-cent decline in investment banking revenue. In a conference call with analysts on Thursday, new CEO Dan Daviau said he had a "strong appetite" to bring costs down. Earlier this year, Canaccord cut 4 per cent of its staff.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 18/03/24 4:00pm EDT.

SymbolName% changeLast
C-N
Citigroup Inc
+1.77%58.63
CCJ-N
Cameco Corp
+2.04%41.95
CCO-N
Clear Channel Outdoor Holdings
-0.64%1.55
CCO-T
Cameco Corp
+2.05%56.78
LUN-T
Lundin Mining Corp
-2.36%13.26
MC-N
Moelis
+0.11%53.71
TECK-N
Teck Resources Ltd
-1.05%44.4

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