Lehman Brothers last week lost a brace of mortgage-backed security professionals to two Wall Street rivals. Peeyush Misra, senior v.p.-collateralized mortgage obligation structurer and trader, left Lehman early last week to join Bear Stearns, where he will take a new position heading new issue structuring and trading. He declined to comment when reached at his desk.
Meanwhile, junior pass-through trader Mike Weinstein has joined J.P. Morgan Securities in a similar role and will report to desk chief Bill King. Weinstein will assist John Horner, himself an ex-Lehman trader, in trading adjustable rate mortgages and the 15-year sector, according to residential MBS chief Kevin Finnerty.
At Lehman Misra reported to Dave Sherr, MBS head, who did not respond to a phone call and e-mail seeking comment. A Lehman fixed-income official says that Misra was "very good when he was here" and will be "replaced internally, unless someone else pretty good pops up on the radar screen."
Weinstein's direct supervisor at Lehman, pass-through trading chief Todd White, did not return calls.