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Canaccord parts ways with veteran investment banker

Stephen Rusch, former head of consumer and retail banking, is no longer with the firm, with more departures expected, according to a source close to the company.

Gloria Nie/The Globe and Mail

A veteran U.S. investment banker has left Canaccord Genuity Inc.

Stephen Rusch, who was managing director of investment banking, is no longer with the firm, confirmed an individual in the New York office.

Mr. Rusch, who joined Canaccord in 2014, has been a banker for about two decades, and previously worked at Piper Jaffray & Co., Merrill Lynch & Co. and Lehman Brothers. He is known for his expertise in mergers and acquisitions (M&A) advice, having spent seven years at boutique advisory firm Sagent Advisors.

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Canaccord declined comment. Mr. Rusch did not immediately respond to a request for comment.

Additional departures are expected in Canaccord's New York office, according to a source close to the company. The same source would not specify how many people would be affected, as discussions with employees are ongoing. As of the end of September, Canaccord had 303 employees in the United States.

Canaccord has already trimmed its operations this year. In February, the Vancouver-based independent announced it was laying off 7 per cent of its global staff, which amounted to 125 people. Those cuts affected bankers, sales and trading staff, and back office personnel in Canada, Britain and the United States. Canaccord had 1,742 employees as of the end of June.

Dan Daviau has made cost cutting a key part of his strategy since becoming chief executive officer just more than a year ago. The staff reductions earlier in the year were expected to bring about $30-million in annual savings.

Canaccord swung back to profitability in its most recent quarter after posting three successive losses.

The United States is Canaccord's biggest market, accounting for 38 per cent of revenue in capital markets. Canada accounts for just under 35 per cent, and Britain and Europe make up 17.5 cent.

Editor's Note: An earlier version of this story incorrectly stated that former Canaccord Genuity employee, Stephen Rusch, headed up consumer and retail investment banking. In fact, Mr. Rusch's correct title was managing director, investment banking. This version has been corrected.

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About the Author
Capital Markets Reporter

Niall McGee joined the Globe and Mail in 2014 as a capital markets reporter. Previously, he spent a decade at Business News Network (BNN) as a reporter and segment producer. In 2016, he won a National Newspaper Award (NNA) in business alongside veteran reporter Jacquie McNish for an investigative series into alleged insider trading at online gambling company Amaya Inc. More

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