First Security Corp. of Salt Lake City plans to merge its brokerage and investment banking operations with Van Kasper & Co., which it bought in February.
The merged unit will be called First Security Van Kasper Inc. It will comprise First Security's retail brokerage, capital markets group, and insurance company, as well as Van Kasper's investment banking and brokerage operations, said Joseph Cooney, the president and chief executive of First Security's retail brokerage.
The consolidation is expected to increase productivity, reduce costs, and "allow the divisions to play on each other's strengths," Mr. Cooney said.
The unit's chairman is to be Scott Ulbrich, who oversees First Security's brokerage and investment activities. - Cheryl Winokur