Canada’s Canaccord Genuity Group is set to overhaul its UK capital markets unit and lay off employees in London amidst market uncertainty triggered by Brexit.

The aim is to create a “more focused” capital markets arm in the UK that prioritises a smaller group of core sectors.

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The firm plans a “significant reduction” in its London-based capital markets workforce.

No precise numbers were revealed.

The move will mainly impact operations that are not in line with the group’s global capital markets business.

Businesses that are most sensitive to market changes are also said to be affected.

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The decision is expected to cost the firm around $12m in its fourth fiscal quarter ending 31 March 2019.

The amount includes cost of job cuts as well as fixed assets impairment, Canaccord Genuity Group said.

The plan does not affect the group’s wealth management operations in the UK or Europe.

Canaccord Genuity Group president and CEO Dan Daviau said: “The plan we have announced today will allow us to redeploy excess capital from our UK capital markets business, reduce our exposure to the volatility and historical losses that we have experienced with capital raising, advisory and trading activities in the region, and align our UK capital markets business with our broader global capabilities.”