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1/15/16

The GMP job cuts: Harris Fricker's internal memo

As you may have heard, GMP swung the axe yesterday and cut many jobs. Here's how FP reported the move:
"...GMP Capital Inc. is pulling out of the United Kingdom and Australia and suspending its quarterly common share dividend to deal with the effects of weak commodity prices and increasing regulation.
Offices in London, Perth and Sydney will be closed, and 97 jobs will be cut, representing a 25 per cent reduction in head count.
In Canada, sales, trading and research franchises will be streamlined “in response to permanent structural and regulatory changes across the industry,” GMP said in a statement Wednesday.
“Our actions today arise from an exhaustive review of all aspects of our Capital Markets business,” said Harris Fricker, GMP’s chief executive.

Full story here.

So here's what GMP CEO Harris Fricker wrote yesterday to the people at GMP who survived the cuts, in the three page internal memo mail entitled "The Way Forward" (put in a PDF copy then ripped, we don't want these things traced). Makes for interesting reading, particularly for those readers of IKN currently sitting behind desks in other brokerages:


UPDATE: Kind reader A.N. Other sends in this: