WestLB is reorganizing the structure of its global asset securitization, principal finance and credit derivatives group, and John Paul Garber, managing director and head of the group, is leaving the firm. Garber has been with the firm for 11 years, four of which were spent in London and the remainder in New York, according to an individual familiar with the situation. Garber does not have concrete plans for what he will do next. Garber and John Godfrey, spokesman for WestLB, declined comment.
In a related move WestLB is splitting up its asset securitization and principal finance group, which included credit derivatives trading, putting credit derivatives into its global financial markets group. The remaining specialized finance group, will be then split into two parts, credit execution and origination and structuring. It could not be determined who will head the two new groups.
