New WaMu CEO Fishman has his work cut out

Washington Mutual Inc's effort to rebound from $19 billion in losses rests on Alan Fishman, a lifelong New Yorker whose last banking job ended when he sold his Brooklyn lender to WaMu's biggest rival.

Fishman, 62, moves to WaMu's Seattle headquarters after a 39-year career that began at Chemical Bank and included a stint at beleaguered subprime lender ContiFinancial Corp from 1999 to 2000. Fishman sold Independence Community Bank Corp to Sovereign Bancorp for $3.6 billion in 2006.

Now, becoming WaMu's first new chief executive officer since ousted predecessor Kerry Killinger took the reins in 1990, Fishman must reverse a 91 percent plunge in the stock price that stemmed from WaMu's decision to wade into the subprime market. He must also contend with heightened scrutiny after regulators told the lender to boost risk management.