managing director Ben Saunders is no longer with the firm and is expected tojoin JPMorgan Chase &Co.'s commercial banking financial institutions group.

Aspokesman for KBW confirmed Saunders' departure, and a JPMorgan commercialbanking spokesperson declined to comment. Efforts seeking comment from Saunderswere unsuccessful.

Saunders'coverage at KBW focused on banks and thrifts in the Northeast. Two of Saunders'M&A assignments included advising Independent Bank Corp. on its 2015 of , andSBM Financial Inc. onits 2015 sale toCamden National Corp.

Saundershas been registered with KBW since 1999, according to FINRA records. Anotherformer KBW employee, Travis Machen, is the head of JPMorgan's commercialbanking financial institutions group, which serves such clients as banks,broker/dealers, insurance companies, investment funds and specialty lenders.

Thegroup leverages the company's resources to help clients in several areasincluding treasury services; syndicated and leveraged financing; custody andfund administration; mortgage warehouse financing; equity and debt capitalmarkets; M&A advisory; structured financing; foreign exchange, interestrate and commodity derivatives; and investment management and private bankingservices, according to JPMorgan's website. Other former investment bankers havejoined the FIGcommercial banking team in recent years.

KBWis owned by Stifel FinancialCorp.