US-based brokerage and investment banking firm Stifel Financial is planning to shut down its Canadian operations in Toronto and Calgary, according to Bloomberg.

Citing an unnamed person, Bloomberg reported that the company will start closing the offices from 23 August 2013 and keep a transition team there until year-end.

As per Stifel’s latest quarterly filing with the SEC, the company generated US$4.19 million in revenue from Canada in the second quarter of 2013, which is less than 1% of its total revenue of US$498.7 million.

A report by the Investment Industry Association of Canada has revealed that the number of employees at Canadian security companies declined in the first quarter of 2013 to the lowest level since 2006.

Stifel serves its clients through Stifel, Nicolaus & Company in the US, Stifel Nicolaus Europe in the UK and Europe, and Keefe, Bruyette & Woods in the US and Europe.

The company’s broker-dealer affiliates offer securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities.