Canaccord Genuity slipped to an £8.8m loss ahead of a cost-cutting programme at its UK operation, which it attributed to political uncertainty created by Brexit.

The Canadian bank, which revealed that it was downsizing its UK investment bank at a cost of £12m in April due to a slump in deal activity, posted revenues of £53.4m for the year to March 31, according to accounts published yesterday on Companies House. This is a 21% decline on the previous year. It slid from a loss of £679,000 in 2018 to being £8.8m in the red this year.