Canaccord cuts bonuses, explores ways to boost employee stock ownership - Bloomberg

(Reuters) - Canaccord Genuity Group Inc has cut bonuses as a result of a decline in dealmaking activity and is also looking into ways through which it could boost employee stock ownership, Bloomberg reported on Monday.

Expenses related to compensation have fallen 25% to C$936.9 million ($709.07 million) in the fiscal year ended March 31, according to the report. Total pay has declined 34% in Canaccord's capital markets division and 8.8% in the wealth-management unit, the report added.

Investment bankers working on mergers, acquisitions or equity offerings are also expected to have their bonuses cut by the biggest proportion on Wall Street this year, compensation consultants Johnson Associates said in a report in May.

Bonus conversations "were difficult," CEO Dan Daviau said in an interview with Bloomberg, adding that they were difficult throughout the street.

Canaccord did not immediately respond to a Reuters request for comment.

Earlier in June, Canaccord Genuity's board rejected the C$1.13 billion ($855.22 million) take-private offer from a group led by the company's management.

($1 = 1.3213 Canadian dollars)

(Reporting by Granth Vanaik in Bengaluru; Editing by Sandra Maler)