Janney Montgomery Scott LLC, which dates back nearly 200 years, is shifting its business model from investment banking to stock broking.
Janney Montgomery Scott LLC, the largest and oldest investment bank in Philadelphia, will soon exit this realm in favor of focusing exclusively on its wealth advisory business, writes Joseph DiStefano for The Philadelphia Inquirer.
The decision to maneuver against its nearly 200-year history as an investment bank and place its emphasis on stock broking comes more than a year after Janney was purchased by private-equity owner KKR…