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Banks/financials analyst <strong>Darko</strong> <strong>Mihelic, </strong>formerly with Cormark Securities, pictured Dec. 13, 2010.Della Rollins/The Globe and Mail

Darko Mihelic has left Cormark Securities, making him the second bank analyst to depart from an independent investment bank in just three months.

Mr. Mihelic has been Cormark Securities' bank analyst since 2010, and was with CIBC World Markets before that. While there is no official word on where he is going, the expectation is that he will land at Royal Bank of Canada, which has an open position after RBC's current bank analyst, Andre-Philippe Hardy, was promoted to head of research. RBC declined to comment.

Mr. Mihelic's move comes after Mario Mendonca left Canaccord Genuity in August to join Toronto-Dominion Bank. Both Canaccord and Cormark have struggled over the past two years after the mining and energy boom capitulated, dramatically cutting into the fees they earn.