M&T Bank Corp. announced a significant expansion of its investment banking group.
The Buffalo banking company said Monday it hired 15 municipal finance bankers, analysts, traders, and other professionals that worked for Ferris, Baker, Watts Inc., a Baltimore securities firm. Ferris Banker was bought by Royal Bank of Canada in June.
In an interview, Jerome Collier, managing director of M&T's investment banking group in Baltimore, described the hirings "as very significant for us."
The new people, who began joining in early July, increase M&T's investment banking unit's head count to 40 professionals and give the company expertise in fixed-rate bond underwriting in addition to its existing capability in variable-rate finance, he said. The investment bank works with relationship managers in the bank to create solutions for health-care, government, not-for-profit, and other clients.
Mr. Collier said RBC's purchase of Ferris Baker created some duplication and created hiring opportunities for his company.
