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The CIBC deal ads 1,700 reps.
In a downturn, some firms scramble to get out of the business. Case in point: The sale of CIBC Oppenheimer's retail brokerage and asset management business to New York-based Fahnestock Viner Holdings, for $257 million. Some, industry executives were a bit surprised that the firm, which operates in 18 states, was the acquirer; the deal will give Fahnestock's brokerage arm about 1,700 brokers in more than 100 offices in the U.S.
Firm...