Mitchell Levine, managing director and head of whole loan trading at Credit Suisse First Boston, has been removed from the desk as part of the firm's investigation into a loss of at least $40 million in its mortgage-backed trading book, according to a firm official. Levine did not return calls or an e-mail. It could not be determined if and when Levine will return to the desk. The move comes shortly after Michael Flannelly, a whole loan trader, was removed from the desk as CSFB officials conducted a forensic investigation into whole loan trading activities (BW, 3/22). He remains off the desk, while still being a firm employee. The CSFB official said the sidelining of Levine is related to the investigation but stressed that Levine, too, remains at the firm. John Gallagher, spokesman, declined to comment.
CSFB Sidelines Mortgage Trading MD