Entering 2016, GMP was not where it
needed to be operationally given the new
normal facing the industry. Disruptive
market forces changed our industry
permanently. This fundamental change
demanded a bold response. This is
precisely what GMP delivered.
Our cost structure and geographic
footprint were not appropriately aligned
with global business opportunities. In
response, we restructured our Capital
Markets business by significantly
reducing fixed costs through a
substantial reduction in headcount and
rationalization of underperforming
businesses outside Canada.