VANCOUVER, Oct. 30 /CNW/ - Canaccord Capital Inc. ("CCI" or the
"Company") announces that it has implemented a firm wide restructuring that
will result in the layoff of approximately 10% of its staff globally. In
addition, a 10-20% salary reduction has been implemented for senior
executives. The staff restructuring and salary reductions come as a result of
an ongoing focus on cost reduction that was announced in May. Further details
will be provided during our upcoming quarterly earnings conference call on
November 6, 2008.
Commenting on this initiative, Paul Reynolds, President and CEO said "We
are making some difficult changes to our business resulting from both a
comprehensive strategic review and as a consequence of the rapid deterioration
in the global capital markets. These revised staffing levels represent the
right-sizing of our operations to meet current market conditions."
ABOUT CANACCORD CAPITAL INC.:
Through its principal subsidiaries, Canaccord Capital Inc. (TSX & AIM:
CCI) is a leading independent, full-service investment dealer in Canada with
capital markets operations in the United Kingdom and the United States.
Canaccord is publicly traded on both the Toronto Stock Exchange and AIM, a
market operated by the London Stock Exchange. Canaccord has operations in two
of the principal segments of the securities industry: capital markets and
private client services. Together, these operations offer a wide range of
complementary investment products, brokerage services and investment banking
services to Canaccord's private, institutional and corporate clients.
Canaccord has 30 offices, including 23 Private Client Services offices located
across Canada. Canaccord Adams, the international capital markets division,
has operations in Toronto, London, Boston, Vancouver, New York, Calgary,
Montreal, San Francisco, Houston, and Barbados.
For further information:
For further information: North America Media: Scott Davidson, Managing
Director, Global Head of Marketing & Communications, Phone: (416) 869-3875,
email: email@example.com; For investor relations inquiries contact:
Katherine Young, Vice President, Investor Relations, Phone: (416) 869-7292,
email: firstname.lastname@example.org; London Media: Bobby Morse or Ben Willey,
Buchanan Communications (London), Phone: +44 (0) 207 466 5000, email:
email@example.com; Nominated Adviser and Broker: Tom Hulme, Teathers
Limited, Phone: +44-0-207-426-9000, email: firstname.lastname@example.org