Key Fixed-Income Exec Leaves BofA (BAC) for Private Eqity Firm
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As Bank of America (NYSE: BAC) looks to gain ground in Russia, one top exec in the states is looking for greener pastures.
The NY Post today cites sources in saying that Michael Nierenberg, head of global mortgages and security products at BofA, will be leaving to join private equity firm Fortress INvestment Group (NYSE: FIG).
But, Nierenberg isn't the only executive departing the hallowed halls of BofA; co-head of bond, currencies, and commodities Gerhard Seebacher is hitting the "retirement" button. Seebacher will be retiring from the bank following an 18-year stint.
Despite the moves being closely related, one source told the Post that the events were
Nierenberg appears to be somewhat of a journeyman executive: he was at Bear Stearns prior to its acquisition by JPMorgan, joined Merrill Lynch before it was acquired by BofA, and also had a role at Lehman Bros. before its untimely bankruptcy in 2008.
Shares of BofA are lower early Friday.
The NY Post today cites sources in saying that Michael Nierenberg, head of global mortgages and security products at BofA, will be leaving to join private equity firm Fortress INvestment Group (NYSE: FIG).
But, Nierenberg isn't the only executive departing the hallowed halls of BofA; co-head of bond, currencies, and commodities Gerhard Seebacher is hitting the "retirement" button. Seebacher will be retiring from the bank following an 18-year stint.
Despite the moves being closely related, one source told the Post that the events were
coincidentaland unrelated to each other.
Nierenberg appears to be somewhat of a journeyman executive: he was at Bear Stearns prior to its acquisition by JPMorgan, joined Merrill Lynch before it was acquired by BofA, and also had a role at Lehman Bros. before its untimely bankruptcy in 2008.
Shares of BofA are lower early Friday.
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