Prominent NYC Smith Barney manager bolts
Mike Lee, a prominent Smith Barney branch manager in New York, has left the firm to join JPMorgan Chase & Co. of New York.
Mike Lee, a prominent Smith Barney branch manager in New York, has left the firm to join JPMorgan Chase & Co. of New York.
Mr. Lee, who sources say left Smith Barney yesterday, managed the firm’s office at 787 Seventh Ave. in Manhattan.
“Word has it that they’re keeping a lot of institutional [securities business] at Citigroup [Inc. of New York]” after Smith Barney and Morgan Stanley combine, said Mindy Diamond, president of Diamond Consultants LLC in Chester, N.J.
Mr. Lee “had lots of [brokers] in his branch doing institutional business” and was concerned about the impact of the Morgan Stanley Smith Barney joint venture, Ms. Diamond said.
Smith Barney, Citigroup’s New York-based brokerage unit, has more than a dozen offices in the city, “and who knows what will happen [with office closures]” after the firm combines with Morgan Stanley, also of New York, said another industry recruiter who confirmed Mr. Lee’s departure and asked not to be identified.
This recruiter said Mr. Lee left to manage the legacy Bear Stearns office in midtown Manhattan, but that could not be confirmed. JPMorgan of New York bought The Bear Stearns Cos. Inc. of New York last year.
JPMorgan spokeswoman Katrina Clay declined to comment.
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