Wells Fargo Hires 25 investment bankers from Citadel Securities
Wells Fargo Securities, which is part of Wells Fargo & Company, continues to build up its fast-growing Investment Banking division in an environment that has prompted investment banking cutbacks at other firms.
In a joint announcement with Citiadel Securities, Wells Fargo Securities said it had reached an agreement that included the hiring of approximately 25 investment banking professionals and related administrative staff from Citadel Securities. The agreement also involves the transfer of Citadel Securities' related investment banking business to Wells Fargo Securities.
According to Dealogic, the investment banking unit at Wells Fargo Securities has grown in terms of domestic market share greater than any other investment bank on Wall Street in the first half of 2011.
The newly hired team will be led by Brian Maier who joins Wells Fargo Securities as a Vice Chairman in Client Coverage. Maier, most recently had been head of Investment Banking at Citadel Securities. He has spent his 26 year career in investment banking at Citadel, Merrill Lynch and Goldman Sachs.
Maier, who is based in New York and reports to Rob Engel and Jonathan Weiss, co-heads of Investment Banking at Wells Fargo Securities, called the new hires "a strong team of investment bankers with a solid array of skills and relationships."
Included in the Investment Banking team are the following Managing Directors, who will also be based in New York:
·Stephen Gerson, who joins as a senior banker in the Financial Technologies practice
·Aviv Laurence, who joins as a senior banker in the Gaming and Leisure practice
·Paul Pepe, who leads a newly formed Corporate Finance team
·Stavros Tsibiridis, who joins the Mergers and Acquisitions group to lead the group's efforts in a number of areas including its corporate defense advisory practice
Wells Fargo Securities' Investment Banking & Capital Markets division offers full-service, nvestment banking, advisory and capital markets capabilities.