The head of Rothschild & Co.’s Canadian office has left the storied investment bank as it grapples with a prolonged slump in dealmaking that’s hurt the entire industry.

Alex Graham and two colleagues in Canada have left the Paris-based firm in recent months, according to people with knowledge of the matter. Graham, a veteran technology and telecommunications banker, joined the firm less than two years ago from Royal Bank of Canada to expand Rothschild’s coverage beyond its traditional focus on mining and restructuring.

Rothschild said at the time that it wanted to “strengthen our Canadian presence and provide experienced leadership to our team” amid a broader North American push.

A representative for Rothschild declined to comment on the departures.

Rothschild — which, like most of its rivals, focuses on mergers and acquisitions — is grappling with a global slowdown in M&A that caused a steep decline in first-half profit last year. The firm’s largest shareholder — Concordia, a holding company for the Rothschild family — took the investment bank private last year.

No one has been appointed to formally replace Graham formally as head of Canada — a role that was created for him — and the Canada team has returned to reporting to Hugo Dryland, who is based in the US and serves as head of metals and mining, said one of the people, who asked not to be identified because they aren’t authorized to speak publicly. The firm still has a double-digit number of bankers based in Canada, the person added.

The Rothschild firm was founded by Mayer Amschel, who started out buying and selling old coins in a Frankfurt ghetto. In the early 1800s, he sent his sons to establish bases of Rothschild in London, Paris, Naples, Vienna and Frankfurt. The firm’s predecessors helped finance the Duke of Wellington’s victory over Napoleon in 1815 at the battle of Waterloo.