Bear market cost jobs (October 31, 1988)

The bear market combined with the spate of bank takeovers of Canadian brokerage firms is proving too much for some firms, which have been forced to cut back staff.

Sources from London tell us that Scotia McLeod has quietly sacked its entire equity underwriting department in Europe. Londoners losing their jobs include the head of institutional equity sales and staff in corporate finance, institutional sales and members of the syndication desk. Better known as McLeod Young Weir, the well-known Canadian firm was taken over by the Bank of Nova Scotia this year.

The bear market combined with the spate of bank takeovers of Canadian brokerage firms is proving too much for some firms, which have been forced to cut back staff.

Sources from London tell us that Scotia McLeod has quietly sacked its entire equity underwriting department in Europe. Londoners losing their jobs include the head of institutional equity sales and staff in corporate finance, institutional sales and members of the syndication desk. Better known as McLeod Young Weir, the well-known Canadian firm was taken over by the Bank of Nova Scotia this year.