Citi said Tuesday that it had hired Gavin Michael from JPMorgan to be its new head of tech for global consumer banking; JPMorgan is replacing him with Bill Wallace, a move that may have been in the works. Image: Bloomberg News
Citi said Tuesday that it had hired Gavin Michael from JPMorgan to be its new head of tech for global consumer banking; JPMorgan is replacing him with Bill Wallace, a move that may have been in the works. Image: Bloomberg News

Two advisors managing more than $450 million in client assets have joined J.P. Morgan Securities from Barclays, according to a spokeswoman.

John Koecheler and Kevin McCooey joined J.P. Morgan in New York where they report to Mike Lee, regional director.

McCooey said in a statement that they joined the firm because of its boutique model and platform, saying it was the best fit for the team's clients.

Koecheler and McCooey had been with Barclays since 2008, according to FINRA BrokerCheck records. Previously, they worked at Lehman Brothers.

Earlier this summer, Barclays agreed to sell its U.S. wealth management unit to Stifel Financial. The St. Louis-based Stifel offered Barclays advisors a retention package of up to 150% of their trailing 12-month production, according to people familiar with the matter. However, several Barclays advisors opted to leave the firm for rivals such as Merrill Lynch, Morgan Stanley and J.P. Morgan.

Credit Suisse has also lost several advisors since announcing a recruiting deal with Wells Fargo Advisors last month. The wirehouse is offering Credit Suisse advisors up to 300% of their production to transition their books of business, according to people familiar with the matter.

Last week, J.P. Morgan recruited advisor Chip Eggers who managed $200 million in client assets while at the Swiss-owned firm. Eggers joined J.P. Morgan in Los Angeles where he reports to Frank Epinger, regional director.

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