Just over a year after
Under the deal, which has not yet closed, Ohio-based Huntington will acquire Janney's public finance unit as well as its merger and acquisition advisory and fixed-income sales and trading businesses. The bank has not formally announced the acquisition, which is expected to close by the end of December or early 2026.
Huntington's head of capital markets Matt Milcetich declined to comment on how many offers have gone out to Janney public finance employees. Some employees received offers last week, according to sources.
"Waves of offers are going out," Milcetich said. "The deal is still in process, so it's still too early to comment on specifics," he said. "It's a material expansion of our team and our franchise."
A Janney spokesperson confirmed the firm is exiting the public finance space.
Janney has "made a strategic decision to concentrate our capital and resources on strengthening and expanding our wealth management business, which is our core business generating over 90% of firm revenue," the spokesperson said.
The exit follows an eventful 2024 for the Philadelphia broker-dealer, during which it went on a hiring spree for its public finance team and was then acquired in July 2024 by private equity giant KKR.
When acquired by KKR, Janney had 66 employees dedicated to municipals across 14 offices.
At the time, the move was seen as signaling future growth for the firm, but rumors circulated that KKR may be shopping Janney's capital markets business as early as February, according to a source.
Vivian Altman, Janney's head of public finance, has received an offer to go to Huntington, according to two sources familiar with the matter. Altman referred a Bond Buyer request for comment to Huntington's media contacts.
Paul Creedon, Janney's head of national infrastructure, has also reportedly received an offer, according to sources. Creedon joined Janney in 2024; he was previously Citi's former co-head of municipal banking and public finance before that firm
At least eight to 10 people had received offers to join Huntington as of early December, according to the first source familiar.
"A historic shop like Janney being the only Wall Street firm headquartered in Philadelphia to no longer be a Wall Street firm anymore is disappointing," they said.
Outside of the acquisition, Huntington has hired James Castiglioni, formerly of Citi, as head of financial structuring starting in January, a Huntington spokesperson said.
The firm currently has 10 offices, and with the acquisition, will add two more, one in Philadelphia and one in Boston, the spokesperson said.
Like Janney, Huntington was on a hiring spree last year. The firm hired eight employees since March 2024, including
Huntington "reinvented" its muni department by hiring Costanzo, said the second source familiar with the banks.
"It's a significant expansion," Costanzo told The Bond Buyer about the Huntington-Janney deal.
With its larger team, Huntington will expand into the northeast and the mid-Atlantic and add sector expertise, particularly in transportation, Costanzo said.
"There are industry veterans that are part of the Janney team, some of whom I've worked with over the years," she said. "I know many of the players on the Janney side, so it was a relatively easy decision for us."
Geographically, the two firms have historically done business in different areas, so they are "like two puzzle pieces that fit together with very little overlap," she said.
The acquisition comes as Huntington and other banks are
Both Janney and Huntington are among the top 30 underwriters in the muni market year-to-date and are neck and neck.
Janney ranks as No. 27, underwriting $2.536 billion across 108 deals, while Huntington ranks No. 28, accounting for $2.396 billion across 132 transactions, according to LSEG.
Both firms performed similarly last year. Huntington ranked 26th in 2024, underwriting $2.067 billion across 90 deals, while Janney ranked 29th, with $1.809 billion in par across 90 transactions.
