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Stifel Canada has laid off five people in the brokerage’s Calgary office, including veteran investment banking and research professionals, as the oil patch downturn takes its toll on the once-thriving energy finance industry.

Among those departing Stifel FirstEnergy are investment banker Erik Bakke and Michael Dunn, the brokerage’s large-cap energy analyst. Both had worked at FirstEnergy Capital, which was sold to GMP Capital in 2016. St. Louis-based Stifel bought GMP’s capital markets business last year.

Mr. Dunn has a strong reputation among investors for his keen eye for corporate strategy and risks. He has been a go-to source for the business media for many years, offering thoughtful analysis on key energy-industry developments.

The other cuts are in the office’s property acquisition and divestiture, sales and administration departments. The office now numbers about two dozen, down from well over 100 at FirstEnergy at the height of the boom years in the past decade.

Six years of oil patch downturn, exacerbated by the pandemic, have seen revenues at independent brokerages dealing in energy drop off severely, leading to deep cuts in the sector.

In a note to staff, Harris Fricker, chief executive of Stifel GMP and Stifel FirstEnergy, said the dealer remains committed to Canada’s energy sector but must make cuts to reduce costs while maintaining “a core capability.”

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