Tuesday's Headlines: The CMBS Market Seems to be Opening Up Again

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Wells Fargo is getting back into the commercial mortgage-backed securities that helped fell Wachovia Corp., the bank it bought in 2008. Wells Fargo has added more than 20 bankers and support personnel over the past three months to increase loan originations and bundle them into CMBS. It now has 70 to 80 employees devoted to underwriting and packaging loans for securitization, down from a peak of 120. Other firms moving toward the CMBS market include Macquarie and Cantor Fitzgerald. [BusinessWeek]

JPMorgan poached Reinhard Koester, a 12-year Goldman Sachs veteran, to be a "senior leader" in its specialty-finance business, which focuses on commercial and consumer lenders. Koester has advised on such banking deals as the merger of UBS and Paine Webber and Fleet-Bank Boston. [Deal Journal]

Wall Street's speculating about which banks will get out of proprietary trading or private equity in order to comply with new financial reform regulations. But despite moves by Bank of America, Morgan Stanley and Goldman Sachs, most will be able to pare back investments in risky ventures without making dramatic changes to their structure, observers say. [Wall Street and Technology]

The unpteenth study on happiness at work says it's "closely correlated with greater performance and productivity as well as greater energy, better reviews, faster promotion, higher income, better health and increased happiness with life." Just so you know. [Forbes]

TPG has joined the queue of western private equity groups rushing to raise renminbi-denominated funds from Chinese investors that will allow them to make local currency investments across the country. [FT]