Javid Jaberi, senior vice president of servicing operations for Residential Capital Corp. (ResCap), has left the company as part of a reorganization, said a memo provided to ASR sister publication MortgageWire. According to an e-mail written by ResCap Chief Operating Officer Tony Renzi, Jaberi "has made the decision to leave the company to pursue other interests." No further information was provided. Renzi did not return a telephone call about the matter. An executive at the company, who requested his name not be stated, said Jaberi had been running ResCap's loss mitigation and collections effort. MortgageWire reported that a source said another servicing official, Ron Poindexter, has also left ResCap. The Renzi memo noted that ResCap executive John Vella "will expand the scope" of ResCap's business operations "to include our nonconforming and special servicing portfolios, including responsibilities for all REO functions."
Wells Fargo & Co. appointed two former Wachovia Corp. executives, Robert Engel and Jonathan Weiss, to run its investment banking and capital markets businesses. Each had held similar jobs at Wachovia, which Wells bought last month. Stephen Cummings, who was previously head of Wachovia's corporate bank, declined to join Wells after the merger. Quinten Stevens, who had run Wachovia's equities division, also declined to join the merged firm, Wells Fargo said in a press release. Meanwhile, Well Fargo's Mike Johnson will head the corporate banking division, and its John Shrewsberry will manage the securities investment group, which now includes Wachovia's equities, fixed-income, capital management, and research businesses.