Reductions in ECM - Capital Markets Canaccord Genuity Group Employee Review

CG wasn’t considered for Cerebras or the SpaceX IPO or any of the other major tech IPOs and our US investment banking equity IPO business is nearly gone in the past 5 years. No one talks about it. Our volume is down Putting aside our public ongoing money laundering attention from the US regulators, we don’t support US capital markets growth if we don’t have the right investment banking focus. Except Stuart who boosted up our biotech franchise, healthcare investment banking overall has been severely downgraded to an irrelevant position. Technology investment banking has a good technology services M&A team focused foremost on IT services and other services focused business and they have a lower business franchise unlike our stronger independent or middle market competitors. In summary, with barely real technology, no software and no AI, nothing in communications, A&D or power where the market is today and no synergy with wealth management and without any natural resources the whole North American franchise degraded. Dan may be able to fix after outsing Jeff and promoting Sanjay an but only with real hiring or an acquisition. CRC addition is nice, and the software hire from Stifel may be part of the plan. We have to do more in US tech IB and US healthcare IB or we have to cut US ECM and US Equity Research.