Piper Jaffray Revamps Fixed Income

June 2005
Investment Dealers' Digest;6/27/2005, Vol. 71 Issue 25, p5
Trade Publication
The article presents information on the formation of a new public finance unit and new corporate unit by Piper Jaffray Cos. In April, Piper Jaffray, a unit of the financial service holding company in the U.S., Bancorp Inc. reported a thumping 47% drop in earnings due to lower institutional trading volume. Its shares promptly tumbled 25% to 26.10 dollars but have since recovered to about 30 dollars per share. Piper is following the lead of other Wall Street banks by merging its debt and equity businesses. High yield and structured products sales, trading and research will combine with equities and investment banking in a new group called Corporate and Institutional Services whose head will be Thomas Schnettler, Piper's head of equities and investment banking.


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