Merrill Lynch Looks To Bear Stearns Mortgage Expert For Help

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Michael Nierenberg, who briefly worked as the co-head of global securitized products at JP Morgan after it acquired Bear Stearns, is joining Merrill Lynch, where he'll run the global mortgage and securitized products business. The move was telegraphed weeks ago, when Merrill hired James De Mare as a mortgage trader away from Citi. De Mare will report to Nierenberg, who in turn reports to Tom Montag, the Goldman Sachs veteran Merrill CEO John Thain hired to run his global sales and trading staff. Apparently that hiring freeze doesn't quit chill all the way up to the top.
Presumably Bill King, who briefly faced the indignity of being demoted to co-head of securitized products at JP Morgan, will now once again rule that kingdom on his own.Matt Zames is in charge of securitized products these days at JP Morgan, according to a readers. Former head Bill King left for Citadel shortly after being saddled with the "co-head" indignity.

Merrill Lynch strengthens mortgage team
[Banking Times]

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