Stifel closes Calgary office, cuts jobs - St. Louis Business Journal
A report said the cuts were made earlier this week. Stifel Financial Corp. has closed its office in Calgary, Canada, and cut its investment bankers and analysts in Toronto, citing current market conditions and operations costs. The job cuts included Stifel's Canadian heads of sales and trading and at least one senior investment banker. The move ends an energy banking business that began as FirstEnergy Capital Corp. and led by billionaire Murray Edwards, and partners including Dragon’s Den star W. Brett Wilson. The company also suspended coverage of Canadian banks and financial service firms, with the covering analysts leaving. Stifelf has formed a substantial leveraged lending joint venture, SBLA Private Credit, with Lord Abbett LLC, a U.S. money management firm.
Published : 10 months ago by Jacob Kirn in Business
Stifel Financial Corp. closed a Canadian office and cut investment bankers and analysts, according to a Bloomberg report.
Stifel Financial Corp. closed its office in Calgary, Canada, and cut investment bankers and analysts in Toronto, according to a Bloomberg report.
The report, citing people familiar with the matter, said the cuts were made earlier this week, and included Stifel's Canadian heads of sales and trading and at least one senior investment banker.
A Stifel spokesman said in a statement, "After a thorough evaluation, we have made the difficult decision to consolidate some operations in Canada, which includes closing our Calgary office. Current market conditions and operations costs necessitate this action. We appreciate the hard work, dedication and contributions of all those impacted and we are committed to assisting everyone through this transition. Stifel remains committed to the Canadian market, serving our clients with a full range of investment banking services out of our Montreal, Toronto and Vancouver offices."
Bloomberg also said that Stifel's research arms suspended coverage of Canadian banks and financial service firms, with the covering analysts departing.
It also said that the closure of the Calgary office ends an energy banking business that began as FirstEnergy Capital Corp., started by billionaire Murray Edwards and partners including Dragon’s Den star W. Brett Wilson.
Separately, Stifel on Tuesday said it has formed a substantial leveraged lending joint venture, called SBLA Private Credit, with Lord Abbett LLC, a U.S. money management firm. The joint venture is to focus on new issue and existing loans to small and mid-size portfolio companies of financial sponsors. Stifel said it compliments the existing capabilities of both firms.
Stifel, for its first quarter, reported increased net income and net revenue. Its stock (NYSE: SF) is up nearly 16% this year.