Michael Nierenberg earlier in his career worked for Lehman Brothers. In fact this was his initiation into the financial industry. While working for the company, he played a major role in the ‘adjustment rate mortgage business’. The seven year stint was a success which he followed with a better opportunity at Bear Stearns working as the head of the interest rate operation which was coupled with the ‘foreign exchange trading operation’. He worked with the company for over 14 years, serving different leadership roles. Michael Nierenberg was with Bear Stearns up until its absorption by ‘JP Morgan Chase’ in 2008.
Michael Nierenberg later moved to work with Merrill Lynch although not for a long time. The company was later purchased by the ‘Bank of America’. At the Bank he was the ‘managing director’ heading the global ‘mortgage and securities products’. While serving in this capacity, he also spear headed the sales roles. While working here, he also lead in the restoration of the company which was in an international financial crisis. In 2013, he became the CEO of ‘New Residential Investment Corp’. He was also the President of this company.
When Michael Nierenberg left Merrill Lynch, the company was in a leadership crisis since the ‘co-chief of bond’ had also retired. Michael however became the chairman of the board and continued to work at New Residential. The New Residential stock rose and continued to improve reaching $16.02. He serves in other capacities at other institutions such as managing director at Fortress. He continues to do well in the business world and his fortunes rises so much so that his net worth is $14.7 million as of 2018.
Michael Nierenberg’s large holding in ‘New Residential Investment’ plays a part in his impressive net worth. New Residential operates from New York and is a ‘public real estate trust’. New Residential subsidiaries are ‘Shellpoint Mortgage servicing’, a mortgage platform and NewRez. New Residential originated from ‘Newcastle Investment Corp’ late in the year 2013. It is publicly traded and Michael Nierenberg was at the helm of the company for over 25 years, which were quite successful.