NationsBanc Montgomery Securities said Monday that it has hired two men to head its mergers and acquisitions effort.
Scott R. Brakebill and Stefan M. Selig joined the banking unit as senior managing directors and co-heads of M&A. They will be based in New York and report to Carter McClelland, Montgomery's head of investment banking.
Montgomery executives have been on a hiring spree in recent months, after dozens of executives left to join the firm's founder, Thomas Weisel, at a start-up firm. However, these two hires do not replace departing executives.
Montgomery never had a specialized M&A department. Instead, advisory work was done by investment bankers covering various industries. These two directors will coordinate M&A activity for all industry groups, according to Mr. McClelland.
Mr. Brakebill joins the banking unit from Morgan Stanley Dean Witter & Co., and Mr. Selig joins from SG Cowen, the New York-based securities unit of French banking giant Societe Generale.
NationsBanc Montgomery Securities is a subsidiary of Bank of America Corp.
NEW YORK-Canadian Imperial Bank of Commerce has renamed its U.S. investment banking unit CIBC World Markets.
The unit had been called CIBC Oppenheimer. Executives decided to drop the Oppenheimer name to give the subsidiary a more global feel. The Canadian bank bought Oppenheimer, a U.S. securities firm, in 1997.
CIBC World Markets is now the worldwide marketing moniker of the bank's capital markets unit. Before this, the unit had a confusing patchwork of names of firms acquired in various countries. - J. Alex Tarquinio