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Wells Fargo Advisors lifts out ex-Citigroup team in NYC

Thomas Coyle 24 August 2009

Wells Fargo Advisors lifts out ex-Citigroup team in NYC

M. Stanley beats the bushes for traders to support more aggressive stance. Wells Fargo Advisors has lifted an international-banking team out of Citigroup in New York.

The ex-Citi team, led by financial advisor Pedro Nieves, managed around $345 million in client assets and had more than $3.2 million in annual production, according to Dow Jones.

"Wells Fargo Advisors" is the brand San Francisco-based Wells Fargogave the combination of Wachovia Securities and its legacy brokerage Wells Fargo Investments after acquiring Charlotte, N.C.-based Wachovia last year.

More traders

Meanwhile Morgan Stanley plans to hire up to 400 additional traders and sales staff, according to a report in the Wall Street Journal. The investment bank will focus on fixed-income trading, emerging markets and foreign exchange.

The hiring push follows Morgan Stanley's losses in the second quarter, which many attribute to its caution around trading -- a stance that contrasted with risker but more rewarding tactics used by JPMorgan Chase and Goldman Sachs, which surged back into the black last quarter.

Morgan Stanley has already made about 200 hires, plundering the likes of JPMorgan, Deutsche Bank, Credit Suisse, UBS, and Merrill Lynch (now part of Bank of America) for experiences staffers. -FWR

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