Susan Estes, the high-profile former Deutsche Bank North American fixed-income chief, is close to formalizing contract arrangements to join Countrywide Capital Markets as the head of its new primary dealership, according to an individual close to the situation. Estes was unavailable for comment. Ron Kripalani and Grant Couch, the president and coo, respectively, of CCM, did not respond to repeated phone messages and e-mails seeking comment. In an interview last month regarding the firm's primary dealership aspirations, Kripalani acknowledged the prevalence of the Estes rumors, but declined further comment (BW, 8/11).
Should Estes join, and should CCM pass the Federal Reserve's muster and be granted the dealership, it would cap off a several month long search for the head of the dealership that saw over a dozen candidates interviewed, says the person close to the situation. A possible sticking point in the negotiations, outside of compensation, is CCM's insistence that all trading operations be based at its Calabasas, Calif.-headquarters, which would force the New York-based Estes to move. A former senior trader of Estes', Josh Holden, has already taken over the agency trading book at CCM (BW, 8/11).