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Investment banker Stifel closes Calgary office, cuts about 35 staff

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The closing is a major symbolic loss to corporate Calgary

is closing its office in Calgary and consolidating its operations across the rest of Canada, the U.S. investment bank said Wednesday, citing the need to cut costs.

“After a thorough evaluation, we have made the difficult decision to consolidate some operations in Canada, which includes closing our Calgary office,” Stifel spokesperson Neil Shapiro said in an e-mail. “Current market conditions and operations costs necessitate this action.

, as Stifel’s office there was previously known as FirstEnergy Capital Corp. FirstEnergy was founded in 1993 by Murray Edwards, billionaire chairman of Canadian Natural Resources Corp.

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