One of the most followed bank analysts in Canada has resigned from his long-time position at Canaccord Genuity.
Mario Mendonca, who also covers insurance stocks, stepped down Friday. Mr. Mendonca's destination is not yet known, but as a top stockpicker in the prime of his career he will likely land somewhere high profile.
His is the latest in a spate of analyst moves in recent weeks, as firms shuffle their ranks to deal with a soft market for stock trading. With paycheques likely a bit smaller than usual, some analysts are looking to move and firms with resources and holes to fill can add expertise.
Mr. Mendonca was one of the main names at Genuity Capital Markets, an independent, employee-owned firm that was acquired a few years back by Canaccord Financial.
He is the second Genuity mainstay to leave in recent days, as Earl Rotman, an original Genuity partner, retired Thursday.
(Boyd Erman is a Globe and Mail Capital Markets Reporter & Streetwise Columnist.)
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