Mike Marriott, Credit Suisse First Boston's longtime head of commercial mortgage-backed securities trading, will assume the helm of asset-backed trading. Greg Richter, the head of ABS trading, assumes the newly created post of head of asset-backed capital markets, heading up the ABS and collateralized debt obligation syndicate desks and running the firm's principal investments in these areas. Richter says, "I might miss a little of the secondary trading aspect, but I'm going be closely involved with customers given our principal book." Marriott says "the moves make a lot of sense since what we're focusing on here is segregating the risk (trading) from origination." He declined further comment on what the moves would mean for future business focus or personnel.
One individual with knowledge of the CSFB situation says "Everyone here is just so damn happy to have this behind us. It had been going on for months and the markets have been grinding tighter, taking us away from making money."