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iA Financial Corp Inc., better known as Industrial Alliance, is restructuring its capital markets division and laying off staff, extending the recent run of job losses on Bay Street.
As part of the changes, 17 capital markets employees have been laid off, particularly in investment banking. iA said more than 30 employees will remain in the division, and they will continue to operate in areas such as bond trading and foreign exchange.
“Market conditions have been very challenging over the last two years with rising interest rates, limited new emissions on the primary market and challenging corporate deal flow volume,” spokesperson Pierre Picard said in an e-mail statement.
iA has a small capital markets division relative to the Big Six banks and to large independent dealers such as Canaccord Genuity Group Inc., but the cuts are another blow to Bay Street, which has already faced layoffs in recent months from companies including Canaccord Genuity, BMO Nesbitt Burns and Laurentian Bank Securities.
Earlier this week, RBC Dominion Securities cut jobs, particularly in its fixed-income division, after the bank announced last month that it would lay off another one to two per cent of its total staff.
Based in Quebec City, iA has more than 9,000 employees and is best-known of its insurance and wealth management operations.
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