Canaccord Genuity revenue sinks amid investment banking slowdown
BNN Bloomberg
Canaccord Genuity Group Inc.'s revenue sank in the latest quarter as market turmoil and economic uncertainty put a chill on investment banking activity.
Across that business line, revenue tumbled 49.4 per cent to $164.1 million. Canaccord blamed that on "substantially lower" investment banking revenues due to a sharp drop in new issue volumes.
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.
"The abrupt deceleration in global markets impacted first fiscal quarter financial performance in all of our capital markets businesses and to a lesser degree, our wealth management businesses," said Canaccord president and chief executive Dan Daviau in a press release.
