Wells Fargo announced on Monday an agreement to hire 25 investment bankers from Citadel, whose founder, Kenneth C. Griffin, recently decided to sell the unit after a failed attempt to transform the hedge fund into an investment bank in the wake of the financial crisis, according to NY Times’ Dealbook.
Wells Fargo said in a statement that in addition to hiring the bankers, it would acquire administrative staff members and current banking business from Citadel Securities.
Brian Maier, Citadel’s banking head, will join Wells Fargo Securities as a vice chairman of client coverage. Mr. Maier, a longtime banker with stints at Merrill Lynch and Goldman Sachs, joined Citadel in 2009 as head of industry groups and later became head of the unit.
“These new additions complement our existing team, bringing added depth to specific industry sectors and increased advisory and capital markets product expertise where we have been looking to expand,” said Robert A. Engel, co-head of investment banking and capital markets at Wells Fargo Securities, said in a statement. “They bring strong client relationships, highly seasoned execution experience and a compatible culture that fits with our growing business.”
Citadel’s unit is the latest addition by Wells Fargo as it works to bolster the investment banking practice it inherited in its acquisition of Wachovia.
There's more at http://dealbook.nytimes.com/2011/08/15/wells-fargo-brings-aboard-citadels-investment-banking-unit/?src=dlbksb
No comments:
Post a Comment