Wells Fargo & Co., the biggest U.S. home lender, hired Greg Reiter from Freddie Mac to run residential mortgage research at its securities unit.
Reiter, 49, will be based in Charlotte, North Carolina, and lead a team responsible for producing research, strategy and investment ideas for customers, according to a statement today from the San Francisco-based firm. He replaces Glenn Schultz, who was head of residential mortgage research before leaving the bank, according to Shelley Beason, a Wells Fargo spokeswoman.
Chief Executive Officer John Stumpf, 59, is adding resources and building out the investment-banking operation in a bid to challenge competitors such as JPMorgan Chase & Co. and Bank of America Corp. Wells Fargo has added research analysts and purchased hedge fund-services firm Merlin Securities LLC.
At Freddie Mac, Reiter developed strategies for mortgage-backed securities and also expanded efforts to reach new investors and dealers, according to the statement.
Reiter reports to Marielle Jan de Beur, head of structured-products research at Wells Fargo Securities, the investment-banking and capital-markets division. Diane Schumaker-Krieg is the global head of research and economics, reporting to securities head John Shrewsberry.
Reiter previously worked for Royal Bank of Scotland Plc and UBS AG, where he was ranked No. 1 by Institutional Investor in agency structured products and agency adjustable-rate mortgage research, according to the statement. He also managed a portfolio of mortgage-backed bonds at the World Bank.
Reiter has a bachelor’s degree in economics and a master’s degree in business administration from the University of California, Berkeley.