Merrill Lynch hires new mortgage executives

Source: Exec Digital USA

Date :9/2/2008 6:48:08 AM

Merrill Lynch & Co said September 2, that former JPMorgan Chase & Co executive Michael Nierenberg will head its mortgage and securitization businesses.

Nierenberg has been head of global securitized products at JPMorgan, a position he held after moving to that firm following its purchase of Bear Stearns Cos in May.

He will report directly to Thomas Montag, Head of Global Sales and Trading, who joined Merrill this month from Goldman Sachs Group Inc.

Merrill has also said it has hired James De Mare from Citigroup Inc to head its mortgage trading operations. De Mare, who will report to Nierenberg, was with Citigroup for 11 years, having most recently served as the Global Head of Mortgage Trading.

Commenting, Montag said: "I am very pleased that both Mike Nierenberg and Jim De Mare have agreed to join Merrill Lynch…Both Mike and Jim are among the most highly skilled and knowledgeable people in the mortgage business."