03:27 PM EDT, 06/12/2024 (MT Newswires) -- Stifel Financial ( SF ) said Wednesday it has shut down its office in Calgary as the company consolidates some of its operations in Canada.

"After a thorough evaluation, we have made the difficult decision to consolidate some operations in Canada, which includes closing our Calgary office. Current market conditions and operations costs necessitate this action," the company said in an email to MT Newswires, adding that it would assist all impacted employees through this transition.

Stifel continues to serve its clients with investment banking services out of its Montreal, Toronto and Vancouver offices, the company told MT Newswires.

Bloomberg earlier reported that Stifel was also laying off some staff in Toronto, including the heads of sales and trading in Canada and at least one senior investment banker.

Shares of Stifel rose 2.2% in recent trading.

Price: 80.32, Change: +1.72, Percent Change: +2.19