Raymond James cuts more Canadian bankers after Calgary closure

Christine Dobby and Geoffrey Morgan, Bloomberg News

Downtown Calgary and the Bow River are seen from the air on Wednesday, May 31, 2023. (THE CANADIAN PRESS/Jeff McIntosh)

RAYMOND JAMES FINANCIAL INC (RJF:UN)

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Raymond James Financial Inc. cut banking jobs in Toronto, Vancouver and Montreal this week, the firm’s latest pullback after it closed its Calgary investment-banking office last year in response to a drought in energy deals, according to people familiar with the matter. 

The jobs cuts this week affected at least seven investment banking and sales and trading roles, said one of the people, asking not to be identified because the information is private. The bank shut its Calgary banking operation last August.

It’s the latest set of layoffs in Canada’s banking industry. Stifel Financial Corp. closed its Calgary office this week and cut investment bankers and analysts in Toronto. 

The investment-banking closures in the heartland of Canada’s oil and gas industry are the result of a slowdown in activity. The country’s main stock exchange has not seen a corporate initial public offering of size in more than a year, according to data compiled by Bloomberg.

Raymond James says on its website that it has 37 investment banking professionals in Canada; it has a much larger wealth management business in the country. The Florida-based firm didn’t respond to requests for comment on Thursday.