Stifel Financial Corp. (SF) let go at least three senior bankers after the takeover of boutique investment bank KBW Inc. (KBW), said two people with knowledge of the matter.

The departures include Michael Barry, a managing director who joined Stifel in 2009 from Merrill Lynch & Co. and most recently oversaw financial institutions mergers, said one person, who asked not to be named because the changes haven’t been made public.