CIBC Wood Gundy Securities has snagged three investment bankers from BT Securities to rev up its automotive corporate finance team.
Stuart A. Taylor 2d, 36, joined the Canadian Imperial Bank of Commerce unit as a managing director and head of its global automotive group.
He reports to Michael Goldhawk, head of corporate finance and loan products for CIBC Wood Gundy USA. At BT Securities, he was managing director.
Stanley G. Koss and J. Michael Whitted, who worked with Mr. Taylor on Bankers Trust's Chicago-based automotive team, joined CIBC Wood Gundy as associate directors.
All three executives began work April 10 and are based in Chicago.
"There's been a very big focus on the industrial sector, second to technology, health care, and media," said Leslie Stern, an executive recruiter at Sullivan & Co., New York.
"Pulling people from BT is a smart move," Mr. Stern added.
"There are not a lot of pros around, and Bankers Trust has had a presence in the auto area for a long time."
Mr. Goldhawk noted that CIBC Wood Gundy already has a substantial presence in the global automotive sector.
"With this group, we get a whole incremental focus to augment our current base of business," he added. "They bring a wealth of corporate finance skills to the business, and they have a broad and successful experience behind them."
Mr. Taylor said that he intends to focus on the suppliers to large companies.
"There is a lot of consolidation going on in that sector, and M&A, cross-border, and financing opportunities that fall out of that," he added.
"From a product standpoint, CIBC already has an outstanding high-yield capability and loan underwriting capability, as well as other structured finance from the product side," Mr. Taylor said.
"My job is to enhance the relationships and increase them, add a new segment of client base, and to develop a global practice through the industry group."