Wells Fargo is buying up most of Citadel’s troubled investment bank operation, which the Chicago-based hedge fund recently decided to unload after concluding that’s its plan to convert the company into an investment bank was not working out.
Wells Fargo said it is hiring 25 investment bankers from Citadel, including banking unit head Brian Maier, who will become vice chairman of client coverage at Wells Fargo Securities. Maier, before joining Citadel in 2009, had been with Merrill Lynch and Goldman Sachs.
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