Citigroup just lost its lead mortgage trader to Merrill Lynch, Dan Freed of theStreet.com is reporting. Jim De Mare's departure would be the second senior mortgage trading executive Merrill has recruited in recent weeks.
Mike Nierenberg, a Bear Stearns veteran who served briefly as head of mortgage trading and other securitized products at JPMorgan Chase, is also expected to join Merrill, according to Bloomberg and other sources. Demare and Nierenberg did not return calls to their mobile phones.
Citi's Top Mortgage Trader to Join Merrill [TheStreet.com]