Business
Minority-Owned Investment Bank Kaufman Bros. closes
Benny Lorenzo, CEO Kaufman Bros. LP.
Kaufman Bros. LP, the minority-owned investment bank that helped unwind U.S. stakes in bailed-out financial companies, ceased operations as of yesterday, according to a notice posted on its website.
Chief Executive Officer Benny Lorenzo told employees yesterday after trading ended that Kaufman was closing immediately, according to two people with knowledge of the matter. New York-based Kaufman had a staff of about 40, according to one of the people, who declined to be identified because they weren’t authorized to speak publicly.
Neither Lorenzo nor Chief Financial Officer Gerard Durkin returned messages left on their office and mobile phones yesterday and today. Michelle Ong, a spokeswoman for the Financial Industry Regulatory Authority, declined to comment on Kaufman’s situation. The firm was still listed as an active broker-dealer on the regulator’s website.
