Merrill Lynch Vet Heads to Wells Fargo MBS Team
[Update 1 adds Wells Fargo comment.] Broker-dealer Wells Fargo Securities will add Kevin Jackson to its residential mortgage-backed securities (MBS) team. Jackson will join the bond-trading unit from Merrill Lynch Bank of America, Al Yoon first reported at Reuters. Jackson reportedly sent an e-mail today saying he would leave Merrill Lynch Bank of America. A Wells Fargo spokesperson confirmed Jackson will join the firm "in about 60 days" as part of a broader move to expand that platform. Jackson's forthcoming exit from Merrill Lynch marks yet another personnel departure from the financial markets this week. GMAC Financial Services announced in a regulatory filing Tuesday that chief financial officer (CFO) Robert Hull “elected to depart” the company, effective at the end of March. Hull’s departure from GMAC comes at a time when the mortgage finance industry seems to be suffering a personnel crisis. As HousingWire previously reported, the Federal Housing Finance Agency (FHFA) is without independent oversight, as its independent inspector general position has been vacant for almost a year. Deutsche Bank saw head of securitization research, Karen Weaver, and head of MBS research, Art Frank, recently leave. The personnel crisis is not unique to the US. French investment bank Société Générale suffered a brain drain last year as players in the asset-backed securities (ABS) market left the London office. Write to Diana Golobay.