Wells Shakes Up Mortgage Trading Desk

Tim Mankus, a 22-year veteran of Wells Fargo & Co., who ran the mega-bank's mortgage trading desk, is out in the cold after a shakeup at the company. Gary Westphal, who reported to Mr. Mankus, was appointed to a new role where (according to one company official) he will oversee an array of mortgage activities that includes trading and "spans the full length of asset sales from pricing through pooling and delivery." As part of this shakeup the bank named Mohan Chellaswami to head its global market risk effort. Mr. Westphal will carry the title senior vice president of capital markets, the same title he held prior to Mr. Mankus' departure. A spokesman for Wells' mortgage group gave no reason for the reorganization. Mr. Mankus, who was based in St. Louis, could not be reached for comment on his cell phone.