Skip to: Content
Skip to: Site Navigation
Skip to: Search

Newser - Current News - Breaking Stories


Bear Stearns CEO Will Step Down

Posted Jan 8, 08 7:11 CST in Business 

(Newser) – Add Bear Sterns CEO Jimmy Cayne's to the list of rolling heads in the subprime mortgage market collapse, reports the Wall Street Journal. Cayne, 73, has been the target of board and shareholder angst over the 53% drop in the bank’s stock last year—the largest of any of the big securities firms. He began informing directors yesterday of his decision.

CEO since 1993, Cayne will likely remain chairman as Bear attempts to recover from an $854-million fourth quarter loss. He is expected to be succeeded as CEO by Alan Schwartz, 57, Bear’s current president and a respected dealmaker. Citigroup CEO Charles Prince and Merrill Lynch CEO Stan O'Neal also lost their jobs due to the subprime debacle.
Source: Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon
A businessman looks over papers outside Bear Stearns headquarters.   (Getty Images)
This is an undated handout file photo of Bear Stearns Cos. Inc. chief executive James E. "Jimmy" Cayne. (AP Photo/HO/Bear StearnsCos. Inc., file)   (Associated Press)
Bear Stearns headquarters.   (Getty Images)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Related Threads

(1 of 4)



Loading...

Today's Most Popular

[ Stories ]

Threads

Loading...

Other Business Stories