Wells Fargo Adopts Ken Griffin's Babies

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The Little Griffins are moving West.

Wells Fargo & Co. (WFC), taking advantage of a decision by Citadel LLC’s billionaire founder Ken Griffin to disband his securities business, hired former investment- banking co-chief Brian Maier and about two dozen others. Maier, 52, whose experience includes stints at Merrill Lynch & Co. and Goldman Sachs Group Inc., will become vice chairman in client coverage, San Francisco-based Wells Fargo said in a statement. The deal also includes the uninterrupted transfer of Citadel’s “related investment-banking business” to Wells Fargo, according to the statement.

The Citadel hires are “consistent with our strategy to grow our business in a focused, disciplined and profitable manner that provides excellent service and capabilities to our clients,” Jonathan Weiss, investment-banking co-head at Wells Fargo, said in the statement.

[Bloomberg]

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