Monday, 29 August 2016
Last updated 2 days ago
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.