Late last week rumblings surfaced that Chris Ricciardi, the head of CDO orginiation and structuring at Merrill Lynch, has left the firm. When reached on his mobile phone, Ricciardi declined to comment, as did officials at Merrill. But talk on the Street was he left the bank last Thursday, though his destination was uncertain. Ricciardi is perhaps the top CDO banker on Wall Street and is believed to be the best paid as well. He joined Merrill in 2003 from Credit Suisse, bringing his top lieutenants with him. Merrill quickly vaulted to the top of the CDO league tables under his guidance. In addition, CSFB became the leading CDO underwriter during Ricciardi's tenure with the firm. Merrill paid bonuses a couple of weeks ago.
Glenn Schultz has left JPMorgan Chase to join RBC Dain Rauscher Inc. Schultz started working as a managing director at RBC on Feb. 3. He reports to Greg Coffman, head of mortgage sales and trading, and Lauren Carlson, head of RBC's asset securitization group. He will work out of the company's Chicago office, splitting time between mortgage ABS and the mortgage trading desk where he will focus on new issues.