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GMP Capital Inc. has parted ways with a veteran mining banker. A spokesperson confirmed that Kevin Reid has left the firm.Mark Blinch/The Globe and Mail

GMP Capital Inc. has parted ways with a veteran mining banker. A spokesperson confirmed that Kevin Reid has left the firm.

Mr. Reid, who was a managing director, had been with the independent since 2002.

GMP, like many independents, has been struggling amid a protracted resources rout.

Second-quarter mining investment banking at GMP plunged 82 per cent versus the same quarter in 2015. Revenue in the energy sector fell 77 per cent.

In early August, GMP announced it was buying FirstEnergy Capital Corp., a Calgary-based boutique with a robust energy practice. GMP is hoping the additions of key bankers in a vital sector for the firm will help fuel a turnaround.

Since the FirstEnergy acquisition, GMP has been in cost-cutting mode. A few weeks after announcing the $98.6-million deal, GMP parted ways with half a dozen staff in Calgary. Bloomberg reported that GMP let 14 staffers go in Houston in late August.

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