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Harris Fricker, who joined GMP's investment banking group in 2002, will replace Kevin Sullivan as CEO and remain president.
Harris Fricker, who joined GMP's investment banking group in 2002, will replace Kevin Sullivan as CEO and remain president.
(Fernando Morales/Fernando Morales/The Globe and Mail)

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Brokerage GMP restructures to cut costs

GMP Capital, one of Canada’s biggest independent brokerage firms, is restructuring to save a badly needed $5-million a year amid persistent tough market conditions.

GMP, which was immensely profitable when markets were booming just a few years ago, has been struggling to break even in the recent doldrums of capital markets, which have slashed trading volumes and reduced revenue from businesses such as underwriting.