Stifel Financial will close the business operations of its Canadian subsidiary, Stifel Nicolaus Canada, beginning August 23.
The company made the announcement in an 8-K filing with the Securities and Exchange Commission.
“During 2012, Stifel Nicolaus Canada generated net revenues of US$18.8 million, or 1.2% of the company’s consolidated net revenues,” according to the filing.
Its Canadian offices are located in both Toronto and Calgary. News reports say that about 60 to 70 employees will be affected by the closure.
Stifel is working with the Investment Industry Regulatory Organization of Canada to discontinue the business operations of Stifel Nicolaus Canada, which is expected to be completed by the end of 2013.