The securities firm Bear Stearns will oust its stocks and bonds trading chief, the WSJ reports, and soften its emphasis on short-term trades. The extraordinary moves come in the wake of Friday's market sell-off, partly triggered by investor concern about Bear Stearns after the collapse of two of its mortgage-bond funds.
In a conference call with investors, senior executives at the company said it was pulling back from existing positions that look risky, in addition to focusing on loans with longer maturities. The company, which has been battered by the slumping housing and subprime mortgage markets, needs to assure Wall Street of its strength and resilience without appearing desperate. (Read more bonds stories.)