Michael Nierenberg began his career in the financial industry working for Lehman Brothers. During his seven years here he was instrumental in helping the company for its adjustable rate mortgage business. After these years he joined Bear Stearns where he headed the interest rate and foreign exchange trading operations and served as a member of its Board of Directors. He would serve for brief times in a number of other leadership roles with Bear Stearns for the next 14 years. He remained with Bear Stearns until it was acquired and absorbed by JP Morgan Chase in 2008.
At this time he joined the team of Merrill Lynch. Shortly afterward it was purchased and absorbed by Bank of America, thus becoming Bank of America Merrill Lynch. He served as its a Managing Director head of Global Mortgages and Securitized Products. During these years he also served in various other sales and trading-related roles. It was also during his five years he that he helped lead the company in recovery from the international financial crisis of 2008. In 2013, he became CEO and President of New Residential Investment Corp.
His departure from Merrill Lynch was particularly hard for them since Gerhard Seebacher, its co-chief of the bond, had only announced his retirement the day before Nierenberg left. In 2016 he also became Chairman of its board. He continues to serve New Residential in these roles. Since taking on these leadership positions, New Residential’s stock has increased to $16.02 USD. He also currently serves as the primary Managing Director of Fortress. His star continues to rise in the business community.
As of June 2018, Nierenberg was estimated to have a net worth of more than $14.7 million. Much of this is due to him holding almost 2 million units of stock in New Residential Investment.
Michael Nierenberg’s social Media: twitter.com/newresidential