Canaccord loss narrows but 60 workers still laid off

Job losses are part of wide-ranging 'cost reduction initiatives' at Canada's largest independent brokerage

Canada's largest independent brokerage reported a narrower loss for its fiscal first quarter.

The company reported a net loss of C$20.6m (US$20.71m) or 24 Canadian cents per share, for the three months ending June 30. In the same quarter of 2011, Canaccord posted a loss of C$13.2mn, or 16 Canadian cents per share.

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