James E. Cayne stepped down as chief executive officer of Bear Stearns. Though retiring from the firm he will remain on the the board of directors as chairman. Alan D. Schwartz, president of Bear Stearns, will be taking over the responsibility of the chief executive officer of the fifth largest investment bank in US.
Alan D. Schwartz joined Bear Stearns in 1976. He became executive vice president and head of the Investment Banking Division in 1985, president and co-chief operating officer in June 2001 and sole president in August of 2007.
This step is looked as an aftermath of the sub-prime crisis of which Bear Stearns was also lost over billion dollars in bad debts. Since the announcement of write-offs there has been reshuffling of major positions at the affected investments banks including Citigroup, Merrill Lynch, Morgan Stanley etc.
"Founded in 1923, The Bear Stearns Companies Inc. is a leading financial services firm serving governments, corporations, institutions and individuals worldwide. The Company's core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. Headquartered in New York City, the Company has approximately 14,000 employees worldwide."
For additional information about Bear Stearns, please visit the firm's website at www.bearstearns.com.
Alan D. Schwartz joined Bear Stearns in 1976. He became executive vice president and head of the Investment Banking Division in 1985, president and co-chief operating officer in June 2001 and sole president in August of 2007.
This step is looked as an aftermath of the sub-prime crisis of which Bear Stearns was also lost over billion dollars in bad debts. Since the announcement of write-offs there has been reshuffling of major positions at the affected investments banks including Citigroup, Merrill Lynch, Morgan Stanley etc.
"Founded in 1923, The Bear Stearns Companies Inc. is a leading financial services firm serving governments, corporations, institutions and individuals worldwide. The Company's core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services. Headquartered in New York City, the Company has approximately 14,000 employees worldwide."
For additional information about Bear Stearns, please visit the firm's website at www.bearstearns.com.
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