Citigroup (NYSE:C) raided five bankers from Wilmington Trust Corp (NYSE:WL) before the completion of the acquisition of Wilmington by M&T Bank (NYSE:MTB).
Paul Hubert, Citi Private Bank's eastern regional head noted, "This is an important region for us and the collective experience and success of these talented private banking professionals will be instrumental in expanding our franchise throughout Pennsylvania and Delaware."
M&T Bank spokesman C. Michael Zabel responded, saying, "We understand that it's been a long and difficult road for Wilmington Trust employees, and while we're disappointed, we're not surprised to lose a few along the way."
"At M&T, we see a tremendous future for the Wilmington Trust business lines once the deal is closed and we look forward to working with the Wilmington Trust team to build that future together."
The new hires will work with high-end clients, privately held business owners in Pennsylvania and Delaware, foundations and endowments, according to Citigroup.
Citigroup closed Wednesday at $4.45.
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