Friedman, Billings, Ramsey & Co. Inc.'s FBR Capital Markets Corp. said Friday that it has dropped coverage of 10 banking companies following the departure of an analyst.
Gary Townsend, who had been at the Arlington, Va., firm for a decade, left Friday, the company said. "He is pursuing entrepreneurial opportunities on the buy side," a spokeswoman said. The company has dropped coverage for Bank of America Corp., Wachovia Corp., KeyCorp, and others, though it said it would resume coverage for those and others at a later date. On Friday it said that David Rochester would assume coverage of City National Corp., Signature Bank of New York, and Comerica Inc.
