Jeffreyeries has agreed to exit the wakefields Cooperative Bank and will not participate in any further cooperative initiatives from its subsidiary, the Watson Financial Cooperative.
The bank, based in San Francisco, said in a statement it has already begun to transition its operations from the wake field cooperative banking program to the Watson cooperative banking initiative, which it has been in since its inception in 2008.
The Watson cooperative will be renamed the Watson Bank, according to the statement.
Jefferies has previously said it would not participate directly in the Wakefield Cooperative Bank as it did with the wake fields Bank of America and Merrill Lynch, which were both merged into a single entity.
Jeffries statement on wakefield cooperatives said:We have made significant progress to strengthen our relationship with Watson and are committed to working with the cooperative to build a sustainable bank that provides customers with a level playing field across the cooperative, a level that is as good as, or better than, that of our traditional banking partners.
Watson Bank will continue to operate under the wake-field cooperative banking model.