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Stifel closes Calgary office in Canada

TORONTO (Reuters) - Stifel Financial on Wednesday said it was closing its office in Calgary, the oil and gas capital of Canada, in response to current economic uncertainties.

"After a thorough evaluation, we have made the difficult decision to consolidate some operations in Canada, which includes closing our Calgary office," a spokesperson said. "Current market conditions and operations costs necessitate this action."

The St. Louis-based investment bank said it also suspended equity research coverage of Canadian banks and financial services companies due to analyst departure at Keefe, Bruyette & Woods (KBW), which comes as part of a broader strategic move that Stifel and KBW are making in Canada.

The move comes as U.S. investment banking peer Jefferies opened offices in Toronto and Calgary, setting up an investment banking and capital markets unit in Canada, sticking to its plans to pursue an international expansion. The bank has over 50 employees in Canada across investment banking, equity research and sales and trading.

Stifel said it would continue to service clients at its Montreal, Toronto and Vancouver offices.

(Reporting by Nivedita Balu in Toronto; Editing by Leslie Adler)