A stock photo of a corporate boardroom.Arpad Benedek/Getty Images/iStockphoto
The shakeup at Dundee Capital Markets is wider than the firm's parent company let on its press release Thursday morning.
Dundee Corp. said in a terse release from chief executive David Goodman that his brother, Jonathan Goodman, is no longer with subsidiary Dundee Capital Markets, where he had been CEO. The press release said he resigned. Jonathan Goodman also resigned from the board of Dundee Corp. – the company founded by his father Ned. It is not clear who is now running Dundee Capital Markets.
But it's not just Jonathan Goodman who has left. Marc Lustig, the head of capital markets at Dundee Capital Markets, has also departed as of Thursday morning.
Dundee has had a significant amount of turnover in recent years. Jonathan Goodman took over as CEO of the capital markets business in 2013. That followed the departure of former CEO Joanne Ferstman in 2012.
Mr. Lustig joined in 2012, when the firm hired a group of traders in Montreal away from rival GMP Capital.
The changes come after a reorganization plan announced this summer, when Dundee Corp. put the securities business into its wealth management division. They also come after the securities business lost $22-million in 2013. So far, 2014 has been off to a better start, with the business earning $1.3-million in the first six months of the year as investment banking revenue doubled and principal trading put up a profit.
Dundee Corp. CEO David Goodman did not immediately return a call seeking comment.