HSBC has hired two mortgage-backed securities traders from mortgage trading powerhouse Bear Stearns. Russ Middleton and Brian Song, the trading duo, are set to join HSBC as it continues to build up its MBS trading operation in New York. The bank has made several hires in the last year, including luring Todd White from Lehman Brothers to run the mortgage business (BW, 5/31) and Rich Lightburn from Goldman Sachs to run trading for all liquid MBS products (BW, 9/27).
Middleton, who spent seven years at Bear Stearns and left as a managing director, traded Ginnie Maes and specificed 15- and 30-year mortgage pools. He referred calls to White, who referred calls to spokeswoman Juanita Gutierrez. She confirmed the hires and said they will report to Lightburn. Song could not be reached.
Renu Aldrich, spokeswoman for Bear Stearns, said Middleton and Song will not be replaced.