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Oppenheimer Europe to Hire Corporate Bankers as Wealth Lure Dims

  • Firm will grow corporate finance advisory instead in region
  • MiFID II brings efficiency and transparency but adds cost: CEO

Oppenheimer & Co., the U.S. investment bank, plans to grow its corporate finance and debt capital markets business in Europe after the Brexit vote and new market regulations made starting a wealth management unit in the region less attractive.

"We don’t know what agreement the U.K. will have with the EU," said Max Lami, 47, a former Goldman Sachs Group Inc. banker. "If it becomes an offshore center in a hard Brexit, wealth management could be an interesting business. Or it could be a soft Brexit, which would add more complexity."