Deutsche hires Letica to head agency CMO trading

Deutsche Bank has hired Nicholas Letica as head of agency collateralised mortgage obligation (CMO) trading.

The German bank hired Letica from Bank of America, where he was a managing director in CMO trading. In his new role, he will work as a managing director in Deutsche’s residential mortgage group. He will report to Jon Kinol, head of fixed-income derivatives and Fred Brettschneider, global head of securitised products trading.

Kinol said Deutsche is committed to expanding its residential mortgage business. It has also hired Charles Smart as a director and senior CMO trader. Prior to joining Deutsche, Smart held positions in the CMO groups at First Tennessee Financial Group and Nomura Securities.

Other mortgage-backed securities (MBS) hires in the past 12 months include G Nicholas Mestanas and Dan Levene, as head of agency MBS trading and senior MBS trader, respectively. Both joined from Goldman Sachs. Deutsche also hired Eric Londa as head of CMO trading from Countrywide Securities, and senior MBS derivatives trader Felix Partow from Nomura Securities.