IA Financial Corp. is cutting jobs in its capital markets business, ending its institutional activities including equity research.
(Bloomberg) — IA Financial Corp. is cutting jobs in its capital markets business, ending its institutional activities including equity research.
“We are stopping all institutional operations within IA Capital Markets,” a spokesperson for the Canadian financial firm confirmed in response to inquiries from Bloomberg News. The distribution of the firm’s research will end immediately, according to a memo.
The company, based in Quebec City, said more than a dozen jobs were eliminated. It will focus on its other services, which include financial advice and asset management for individual investors.
“We are deeply committed to ensuring Canadian investors continue to have deep and broad access to the professional, independent (unbiased) financial advice and investment solutions that are the hallmark of IA Wealth,” spokesperson Pierre Picard said in an email.
Picard said the move was prompted by market conditions that have been “very challenging over the last two years with rising interest rates” as well as “challenging corporate deal flow volume.”
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