Wells Fargo Adds Citadel I-Bank

Aug 15 2011 | 2:25pm ET

Wells Fargo & Co. has acquired Citadel Investment Group's investment-banking business.

The San Francisco-based bank will hire 25 of Citadel Securities' bankers, including the unit's head, Brian Maier. As part of the transaction—terms of which were not disclosed—Citadel will transfer its related banking business to Wells Fargo.

Citadel last week slashed the Securities unit's workforce, eliminating its equity research operations and laying off other staffers. The firm also began to look for a buyer for the investment banking unit, although it said Citadel Securities' other business—including market-making and sales and trading—would remain with the firm.

Maier, who was named vice chairman of client coverage. He'll remain based in New York.

Joining him at Wells Fargo will be Paul Pepe as head of a new corporate finance team, Stavros Tsibiridis to head part of its mergers and acquisitions team, Stephen Gerson in financial technologies banking and Aviv Laurence in gaming and leisure.

The hires are "consistent with our strategy to grow our business in a focused, disciplined and profitable manner that provides excellent service and capabilities to our clients," Maier's new boss, Jonathan Weiss, co-head of Wells Fargo's investment bank, said.

In addition to Wells Fargo, Citadel had been in talks with Société Générale about hiring its fixed-income sales and trading team.


In Depth

MiFID2 For U.S. Firms: Key Questions Answered

Feb 27 2017 | 4:54pm ET

The January 2018 deadline for implementation of the EU’s mammoth MiFID2 regulations...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of