Canaccord Capital Inc. today announced that it has implemented a firm wide restructuring as a result of the deterioration in global capital markets. The restructuring 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, Canaccord says.

Further details will be provided during the firms upcoming quarterly earnings conference call on Nov. 6.

“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,” said Paul Reynolds, president and CEO, in a release.

Vancouver-based Canaccord is an independent, full-service investment dealer in Canada with capital markets operations in the United Kingdom and the United States.