Monday, September 22, 2014
Inquirer Daily News

TARP-free Janney beckons Wall Street refugees

We hear Janney has attracted some Wall Street names to its New York office.

TARP-free Janney beckons Wall Street refugees

General Motors will close its plant near Wilmington, Del., idling the region´s last 450 auto workers. (Michael Wirtz / Staff Photographer)
General Motors will close its plant near Wilmington, Del., idling the region's last 450 auto workers. (Michael Wirtz / Staff Photographer)

David S. Penn has joined Janney Montgomery Scott as evp in charge of wealth management, after leaving a job as head of affiliate relations at rival Legg Mason. Penn, a Drexel-trained CPA and Wharton MBA with 25 years in the securities business, followed his old boss, Timothy C. Scheve, from Baltimore to Philadelphia: Scheve left Legg to take Janney's top post when Jim Wolitarsky retired from Janney last year.

We hear Janney also hopes to land some Wall Street names to its New York office. Janney's marketing itself to those pros as a relatively stable firm, owned by Philadelphia's Penn Mutual insurance company, compared to the bank-owned, taxpayer-subsidized firms (Morgan Stanley, Goldman, Merrill, SmithBarney), where compensation is restricted under federal TARP program guidelines. Now all Janney needs is enough new business to pay for the hires.

About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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