May of 2016 saw the New Residential Corporation take a turn towards success. About Michael Nierenberg was appointed to be the chairman of the board for the corporation. He had maintained the position of Chief Executive Officer and the President of New Residential Investment for three years after being appointed back in 2013. Earlier on, before taking up a role at New Residential, Michael Nierenberg already had an executive position at the Bank of America Merrill Lynch where he was the Managing Director and head of Global Mortgages and Scrutinized Products. He was in charge of all the sales and trading activities. Nierenberg took on this position at the Bank of America back in 2008 immediately after ending his business tenure at JP Morgan.
At JP Morgan, Michael Nierenberg held an almost similar position as he was the head of Global Securitized Products. At the same time, he was the peak of leadership at the JP Morgan Investment Bank as a member of the investment committee. Before joining the investment bank, Michael Nierenberg attained a majority of his working experience in the industry, through the various senior positions he held at Bear Stearns. Among the leadership positions, he was the head of interest rate and foreign exchange trading operations. During this period, he would oversee every operation that dealt with revenues attained by interest. Any transaction that traded in foreign currency would go through him first.
Michael Nierenberg also served as the co-head to various divisions at Bear Stearns. His notable role in the company was between the year 2006 and 2008 where he was able to get a position as a member of the Board of Directors at Bear Stearns. He contributed to leading the company to attain its goals by providing the necessary leadership and strategy required. His career, however, did not start at Bear Stearns. Before joining the company, he had created his name at Lehman Brothers where he worked for seven years and played a significant role in shaping the mortgage business. The experience he had garnered throughout his career allowed him to attain the position of Director at the Fortress Group and still work as the CEO at New Residential Investment.