Two Lehman execs leaving: source
NEW YORK (Reuters) - Lehman Brothers Holdings Inc's LEH.N heads of mortgage lending and securitized products are leaving the firm, a person familiar with the matter told Reuters, as the bank braces for home loans to become a smaller portion of the bond markets.
Theodore Janulis, head of the mortgage lending and servicing business, is retiring this month. He will not be replaced, and his responsibilities will be folded into the wider fixed income business.
Richard McKinney, head of American securitized products, has found a new job elsewhere, the source said. He will be replaced by Charlie Spero, who was head of trading for American securitized products.
Lehman Brothers has been scaling back its mortgage business amid the housing crisis. Last year, it said it was shuttering its BNC Mortgage unit, a subprime lender. In January, it said it would stop wholesale mortgage lending. The company has announced more than 3,700 mortgage job cuts since the middle of last year.
(Reporting by Dan Wilchins; Editing by Gary Hill)
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