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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