Macquarie shutting down trade, sales and research units in Canada

Macquarie Group Ltd. is scaling back its operations in Canada, the company confirmed Monday.

A spokesperson for the financial services firm told BNN Bloomberg that Australia-based Macquarie will shutter its Canadian equities, research and sales units, citing headwinds facing the industry over the past few years.

However, the company said other parts of its business such as equities execution, asset management, and advisory services will remain operational in the country.

“Macquarie remains committed to Canada, with more than 100 staff working across commodities trading and hedging, corporate finance and advisory, cash equities execution, futures, asset management and equipment leasing in a range of sectors that include energy, mining, diversified industrials and infrastructure,” a Macquarie spokesperson said in a statement.

The spokesperson declined to say how many jobs would be affected.