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Business moves under his leadership contributed to the investment firm's struggles, and his dealmaking skills will be needed to make up ground on rivals like Sandler.
October 28 -
New York bankers have indelible memories where they were and what they were doing during the terrorist attacks of 9/11. Whether working in a high rise down the street from the World Trade Center or attending a convention in the Rockies, each remembers how events of that day have shaped his life and world. Following are some of their reflections.
September 9
KBW's Keefe, Bruyette & Woods (KBW) celebrated its 50th anniversary Monday with the investment bank ringing the opening bell of the New York Stock Exchange.
The event was part of broader marketing campaign launched by Thomas Michaud, KBW's president and chief executive
Michaud linked the evolution of KBW with that of the banking industry in a letter posted on the firm's website on Monday. "Our firm was founded on June 11, 1962, with eight employees and $50,000 in equity capital," he wrote.
"Today we have nearly 500 employees, more than $380 million in equity capital and a global presence," he added. "The banking industry has vastly changed over the past 50 years, experiencing significant asset growth and consolidation. Back in 1962, there were more than 13,000 commercial banks in the United States with $296 billion in assets. By the end of 2011, there was nearly half the number of commercial banks in the United States with more than $12.6 trillion in assets."
