Bear Stearns Lives On
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The Bear brokers are understandably over the moon. Michael Nolan, also one of the chosen ones, said; 'I'm thrilled the name lives on. I believe in branding, and I don't see a reason to kill it after 85 years of building it'.
In the meantime, CNBC reports that Bear's last CEO, Alan Schwartz, is to leave the company at the end of this month. Schwartz, who was only in charge of Bear for 3 months before it imploded, is thought likely take up a new role in a boutique investment bank or private equity firm. He is commonly regarded as one of the best, and well-connected, investment bankers on the Street.
Finally, Bloomberg reports that JPMorgan has ended discussions with property company Hammerson Plc and the City of London Corporation, over the construction of a new European HQ building. The news agency reports that the kind of building the bank sought could not be accommodated on the chosen site at St. Alphage. Hammerson is to write-off some $33.7m of costs.
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