Douglas Sipkin of Wachovia Securities LLC and Chris Allen of Bank of America Merrill Lynch have moved to Pali Capital Inc. of New York, joining a growing number of analysts who have defected from major Wall Street firms to more independent firms in recent weeks.
Sipkin covered investment banking for the past nine years at Wachovia, which is now owned by Wells Fargo & Co. He has been credited with being among the first analysts to detect emerging problems in the brokerage industry before the credit crisis took hold.
Allen has covered stock exchanges for Bank of America Corp. for the past three years. Previously he covered the banking sector at UBS AG.