Citadel Securities’s former investment banking co-head Brian Maier and about 2 dozen others went to Wells Fargo after Ken Griffin gave up his dreams of running the investment bank.The fixed income guys might be going to SocGen.
Wells Fargo CEO John Stumpf is said to be trying to expand the investment banking unit that he acquired with Wells’ Wachovia takeover, so he and Griffin made a deal for Wells Fargo to “buy” Citadel Securities investment banking business.
The deal includes the former employees and the uninterrupted transfer of Citadel’s “related investment-banking business,” according to a PR statement (embedded below).
The employees going to Wells Fargo:
- Paul Pepe: leading a newly formed corporate finance team, reporting to Weiss and investment-banking co-head Rob Engel
- Stavros Tsibiridis: leading parts of the mergers-and-acquisitions practice, including the corporate-defence advisory practice
- Stephen Gerson: working in financial technologies banking
- Aviv Laurence: working in gaming and leisure
Citadel also talked with Paris-based Societe Generale SA about taking on a team of fixed-income salesmen and traders, according to Bloomberg. How Ken Griffin’s investment bank imploded in just 3 years >WFS Hires Bankers From Citadel_PR_FINAL