Business Services Industry
Retail banks expanding on Street's turf; 3 outsiders exploit investment banks' woes, targeting middle market; culture shock?(News)
Crain's New York Business, March, 2003
Byline: anita jain Wachovia Securities wants to add nearly a dozen investment bankers in New York for its fixed-income group. Banc of America Securities last week lured four senior health care analysts from Credit Suisse First Boston. Wells Fargo Securities built up a team of about 20 investment bankers in the past year and expects to hire more soon.
This is an investment banking recession? As powerful Wall Street investment banks stumble during the protracted bear market, three banks better known for their retail operations are expanding in New York. Wachovia Corp., Bank of America Corp. and Wells Fargo & Co. are hiring top-notch talent on the cheap and positioning themselves as bankers to small and midsized firms, a low-margin segment of the market that...
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