Stock Watch: Wit Capital Benefits From New Hire

Shares of online investment bank Wit Capital (Nasdaq: WITC) soared more than 14 percent on Wednesday, climbing 3-3/8 to 26-3/16 after the company added Elizabeth Schimel as senior vice president of business development. Schimel brings both a background in finance and the Internet, having worked at PaineWebber and been the head of BMG’s online division in the past.

Most recently, Schimel worked at getmusic.com, a joint venture between BMG and Universal. Schimel is just the latest well-respected talent to join Wit Capital. Chairman and co-CEO Robert Lessin was formerly vice chairman of Salamon Smith Barney. President and co-CEO Ronald Readmond was formerly vice chairman at Charles Schwab. Senior vice president and chief financial officer M. Bernard Siegel was formerly chief financial officer for Waterhouse Investor Services. Director of research Jonathan Cohen is a well-respected analyst who formerly headed Internet equity research at Merrill Lynch. This looks like a pretty solid team.

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