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Canaccord Genuity revenue sinks amid investment banking slowdown - BNN Bloomberg

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Canaccord Genuity Group Inc.'s revenue sank in the latest quarter as market turmoil and economic uncertainty put a chill on investment banking activity.

The Bay Street firm said its adjusted fiscal first-quarter revenue sank 37.2 per cent to $328.8 million. While revenue slipped in the company's wealth management unit, the erosion was far more profound in Canaccord's capital markets business.

The slowdown was even more pronounced in Canaccord's home market: it said Canadian capital markets revenue collapsed 87.7 per cent year-over-year to just $14.3 million.

 

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