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Canaccord Genuity Group Inc. on Sunday said it will restructure its capital markets business in the United Kingdom, with uncertainty looming over the country as it prepares to exit from the European Union.

The financial services company said the move is expected to result in significant job cuts in its London-based capital markets business.

Canaccord Genuity will record a charge of about $12 million in its fourth quarter as part of the process, the company said.

“A prolonged period of political and market uncertainty in the U.K. has impacted capital raising and related activities in the region resulting in unacceptable returns,” it said in a statement.

The restructuring will not affect its wealth management operations in the U.K. and Europe, Canaccord Genuity added.

The company’s capital markets business in the U.K. operates as Canaccord Genuity Limited.

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