Canaccord cuts bonuses, plots expansion of employee equity plans as bid to go private fails $CF
Compensation expenses fell 25 per cent at the Canadian financial firm to $936.9 million in the fiscal year ended March 31, according to disclosures accompanying its fourth-quarter results. New issues dried up in the small- and mid-cap segments that Canaccord serves: The first three months of 2023 were the slowest quarter for initial public offerings in Canada since 2016, according to data compiled by Bloomberg.
Bonus conversations “were difficult, but I think they were difficult throughout the street,” chief executive officer Dan Daviau said in an interview. Canaccord’s recent financial results for the period underscore the challenges facing the firm as it prepares to forge ahead as a public company, months after top executives said it no longer made sense for it to stay listed. The firm’s quarterly revenue of $430.4 million in the three months ended March was the lowest for that period since 2020, when the COVID pandemic was beginning. Earnings per share fell 87 per cent on an adjusted basis compared with the prior year.
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