Commerce Capital Markets Inc., the full-service brokerage subsidiary of Commerce Bancorp Inc., announced Friday that Marc A. Sieben had joined it as the head of brokerage and wealth management.
Mr. Sieben was a senior vice president and director of management development at UBS Financial Services Inc., where he was instrumental in creating and carrying out advanced management and leadership training programs for branch management teams.
Before UBS Financial Services, Mr. Sieben was a regional director, branch manager, and financial adviser at Citigroup's Smith Barney brokerage subsidiary, where he oversaw more than 1,000 branch managers, sales managers, and financial consultants. In addition, he was the Atlantic regional director at Bank of America Investments, where he managed the execution of wealth management and consulting processes.
The hiring of Mr. Sieben reinforces Commerce Capital Markets' commitment to expanding into other financial services arenas, the company said.
The company said in July 2004 that it would stop taking part in negotiated municipal bond offerings and strengthen its risk management oversight, after the indictments of two banking officers on fraud charges in connection with loans made on allegedly favorable terms to Philadelphia's treasurer in exchange for financing business from the city.
Two years ago, after Commerce became New Jersey's second-largest municipal bond underwriter in 2002, the Securities and Exchange Commission opened an informal investigation of its political contributions in Pennsylvania and New Jersey. Chairman and CEO Vernon W. Hill 2d has emphasized that the capital markets unit was not involved in the Philadelphia case, and he said it had done nothing wrong.
