Global investment bank Lazard Ltd. is cutting back its Canadian financial advisory business, announcing job losses for a 12-person team in Toronto on Wednesday, according to three sources with knowledge of the decision.
The Globe and Mail is not identifying the sources because they are not authorized to discuss the decision publicly.New York-based Lazard opened its Canadian office in 2016 and had its advisory bankers in Toronto covered sectors that include retail, financial institutions, health care, energy, private equity, real estate and technology. The Canadian office is led by Timothy Loftsgard, who joined the company in 2017 after 18 years at RBC, specializing in mining and metals.
Once the deal closes, UBS is expected to downsize Credit Suisse’s investment bank and focus on wealth management. UBS and Deutsche Bank have also scaled back operations in Canada in recent years, and British-based HSBC Group is in the process of selling its Canadian operations to Royal Bank of Canada.