John Horner has leftLehman Brothers and joinedJ.P. Morgan Securities as its new 15-year and agency adjustable rate mortgage-backed securities trader. Horner will be a v.p. and report to residential mortgage group chief Kevin Finnerty. He will replace veteran MBS trader Tom DeNunzio, who Finnerty says is looking at other opportunities within the organization, stressing that DeNunzio's decision was voluntary. Horner will also fill the role of agency backed ARMS trader, a slot J.P. Morgan has been looking to fill for sometime, says Finnerty.
Horner had spent the previous 10 years of his career at Lehman, and left as a v.p., reporting to MBS trading chief Dave Sherr. Sherr says Horner's trading duties have been temporarily reassigned among the other traders and that a permanent replacement would most likely be found internally.