Tim Mankus, a 22-year veteran of Wells Fargo & Co., who ran the banking company's mortgage trading desk, is out in the cold after a shake-up.
Gary Westphal, who reported to Mankus, was appointed to a new role in which, according to a company official, he will oversee mortgage activities that include trading and "the full length of asset sales, from pricing through pooling and delivery."
Westphal is to hold the title senior vice president of capital markets, the same one he had before Mankus' departure.
A spokesman for Wells' mortgage group gave no reason for the reorganization.
Mankus, who was based in St. Louis, could not be reached on his cell phone for comment. An associate of his said, "He was involved in an array of activities, including [mortgage-backed securities] and loan trading. It's a fairly active group."