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Aug 12, 2008
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Bear Stearns exodus

By
Reuters
Published
Aug 12, 2008

BearStearns.jpgIt has been widely reported that 10,000 of the 14,000 folks employed by Bear Stearns Cos. ahead of the bank's sale to J.P. Morgan Chase & Co. took their leave, were sent packing or would be let go soon. (See Dealwatches Pink slips on the Street and J.P. Morgan-Bear Stearns for more on both of these topics.) Here's a compilation of all the publicly announced Bear departures of late, from bankers to advisers to wealth managers and lawyers. (Note: The dates signal The Deal's coverage, not necessarily the dates of the moves.)

Aug 12: Independent alternative investment firm Sorin Capital Management LLC hired Matt Chasin as chief operating officer, partner and member of the investment committee. Previously, Chasin was a senior managing director and head of repo financing activities for mortgage and structured products at Bear Stearns. Chasin was also a member of Bear Stearns' global finance committee.

JUST LIKE STARTING OVER

Aug 8: UBS made six senior hires for its U.S. Equities business, including two from Bear Stearns. Former Bear senior managing directors Andre Dore and Nicholas Struk become executive directors and equity sales traders in Stamford.

Meanwhile, FBR Capital Markets Corp. announced three new managing directors in its investment banking division including Jorge Solares-Parkhurst, from Bear Stearns Cos., who works on New York-based financial institutions team.

Aug 6: BTIG LLC, a broker dealer specializing in equity trading and brokerage services, appointed Kenneth Savio as a senior managing director and co-head of global equities. Savio joins after 20-plus years at Bear Stearns Cos., where he was a senior managing director and co-head of global and sales trading. Savio will report to managing partners Steve Starker and Scott Kovalik.

Aug 1: Alan Schwartz, the former Bear CEO will leave J.P. Morgan at the end of the summer, according to several reports. Where's he going? He has been talking to Goldman Sachs & Co., Citigroup Inc., Centerview Partners LLC and Kohlberg, Kravis Roberts & Co., DealBook reported, citing sources briefed on the matter. He was in early June said to be having second thoughts about joining the firm.

Meanwhile, among several other hires, Morgan Stanley tapped Thomas Wong to run proprietary trading and Eric Cole as co-head of distressed sales, trading and research. Both are one-time Bear bankers.

July 31: Guggenheim Partners LLC broker-dealer subsidiary Guggenheim Capital Markets LLC has added Scott Buchta to head its new investment strategies group. Previously, Buchta oversaw Bear Stearns' mortgage products group and served as a senior managing director in its portfolio strategies division. The new Guggenheim group will be based in Chicago.

July 30: Carl Icahn's Icahn Enterprises LP tapped Dominick Ragone as chief financial officer. He was the assistant controller for Bear Stearns Cos. and earlier, a managing director for Morgan Stanley. He had been a partner with PricewaterhouseCoopers LLP for 16 years.

July 29: Janney Montgomery Scott LLC expanded its capital markets team with four hires. Tom Kozolik was one; he will serve as vice president of public finance. He worked previously for Bear Stearns.

July 25: Broadpoint Capital Inc., a Broadpoint Securities Group Inc. broker-dealer subsidiary, announced three hires for its sales group. Michael Komson joins as managing director of high-yield sales. He worked previously for Bear Stearns, focusing among other things on high yield and distressed debt.

July 24: GMAC Financial Services tapped former Bear Stearns executive Thomas Marano to be chairman and CEO of its mortgage unit, Residential Capital LLC. Marano was named ResCap's non-executive chairman in April, and joined Cerberus Capital Management LP, which controls GMAC, as a managing director. Previously, he spent 25 years at Bear Stearns and was most recently a director and head of the firm's global mortgage trading and origination operations.

Meanwhile, Rory Cohen, a hedge fund and asset management attorney and former Bear Stearns managing director, has joined Venable LLP as a partner. Earlier in his career, Cohen worked at Prudential Equity Group as a senior analyst. 

July 22: Barclays Capital again tapped into the talent pool of ex-Bear bankers, hiring Trace McCreary as a managing director and head of U.S. infrastructure finance. Based in New York, he reports to Rick Van Zijl, managing director and co-head of U.S. leveraged finance. McCreary was most recently a senior managing director in the global industries group at Bear Stearns. Previously, he worked at Credit Suisse Group and Citigroup Inc.

July 21: Bear Stearns former senior managing director and global head of convertible trading, Michael Lloyd, recently joined FBR Capital as a senior managing director and head of convertible securities within the sales and trading division. Lloyd is launching the convertible securities unit with Paul Rosica, who joins from Bear Stearns. Rosica is a senior managing director and head of equity-linked capital markets in investment banking. In addition, Daniel Blood joined the firm as a senior managing director and head of debt capital markets. Blood served as co-head of global debt capital markets at Bear Stearns, where he worked for over 18 years.

July 17: Stephen Callahan joined Barclays Capital from Bear Stearns as a director, U.S. government bond trader, reporting to Ronti Pal, managing director and head of USD fixed income linear rates trading.

Meanwhile, Jefferies & Co. enlisted Daniela Bar-Illan joins as a senior high yield and loan salesperson and Richard Wright arrives as a senior salesperson for high yield and distressed securities and loans. Both worked at Bear Stearns Cos., having spent 25 years and 13 years, respectively.

July 16: Bank of America Corp. made nine hires for its equity research platform. They include managing directors: Joseph Buckley, restaurants; Robert Hopkins, medical devices; and James Kissane, information technology services. Principal Suzanne Schiavelli covers specialty finance. Vice presidents include Kuni Chen, metals and mining; Kevin Fischbeck, healthcare facilities; Bryan Kraft, media, cable and entertainment; Brian Wright, managed care; and Brad Zelnick, applications software.

Buckley spent 23 years at Bear Stearns; Hopkins and Fischbeck were with Lehman Brothers Inc.; Kissane and Zelnick also hail from Bear; Schiavelli joins from Morgan Stanley; Chen worked at Hapoalim Securities USA; Kraft arrives from Credit Suisse Group; and Wright comes in from Jefferies & Co.

July 14: Former Bear trader Melissa Ko has formed a new hedge fund, Covepoint Capital, with nearly $1 billion in assets, Reuters reported.

Meanwhile, Katten Muchin Rosenman LLP said Gary Distell joined the firm as a partner in the financial services practice, based in New York. Distell was a previously a senior managing director in the legal department of Bear, Stearns. Before that, Distell spent four years as an investigator in the NASD's market regulation department.

And MKP Capital Management LLC tapped three senior investment professionals, one of whom joins from Bear. Steven Gordon, managing director and portfolio manager, leads efforts in the commercial mortgage-backed securities market. Gordon spent 10 years at Bear Stearns, most recently as a managing director responsible for CMBS credit trading, CMBS derivatives and a joint CMBS venture with Bear's financing group.

July 11: John Fargis, a 14-year Bear Stearns veteran was hired by Jefferies & Co. as a managing director to head the firm's U.S. media investment banking practice. He is based in New York. Fargis was most recently a senior managing director in Bear's media investment banking group.

July 10: Dahlman Rose & Co. LLC, an investment bank covering the natural resource supply chain sectors, enlisted James Manfredonia as a managing director and head of equities. Manfredonia was a senior managing director at Bear Stearns, where he was responsible for the cash trading desk and other asset management functions. He also spent a decade with Merrill Lynch & Co.

July 9: In London, J.P. Morgan Private Bank drafted Darren McDermott for its U.K. domestic private banking team. McDermott was an associate director at Bear Stearns' private client services group in London. He has also worked at Credit Suisse Group and Merrill Lynch.

Recently, J.P. Morgan Chase said Bear Stearns' Asia CEO was joining the firm to run its sovereign wealth group. John Moore joined Bear Stearns in 2001 as global head of agency capital markets in New York.

July 8: RBC Wealth Management made four hires. Haitham Karaket, managing director of investment services, and senior investment adviser Barnabus Reynolds join from Bear Stearns. Konstantinos Dedes, of Julius Baer, becomes a private banker, as does Roberto Islas, who joins from Clariden.

Separately, Jim Wolfe became a managing director and head of U.S. leveraged finance at RBC Capital Markets. Wolfe spent 15 years with Bear Stearns, most recently as senior managing director in the Leveraged Finance group.

July 3: Highland Capital Management LP brought in Maureen Mitchell as a managing director to head institutional sales globally. Mitchell was a senior managing director at Bear Stearns Asset Management.

July 1: Lazard Middle Market, an indirect subsidiary of Lazard, hired three managing directors. Robert Frost joins from Piper Jaffray & Co. Andrew Samett worked at Bear Stearns and will co-head LMM's distressed advisory and restructuring practice with managing director Andrew Torgove. Scott Smith hails from Wachovia Securities LLC's mergers and acquisitions group and will lead LMM's new office in Charlotte, N.C. In addition, managing director Robin Engelson will head the firm's private placement practice. Samett is based in New York, Engelson and Frost work from Minneapolis.

Meanwhile, Chilton Investment Co. LLC said Francie Heller joined the firm as managing director, client relations. Heller joins Chilton from Bear Stearns, where she most recently served as a senior managing director and head of the pension, endowment and foundation services group. She was previously president of MBIA Municipal Investors Service Corp.

Also July 1, Jeffrey Lane will become CEO of Modern Bank. Lane hails from Bear Stearns, where he was chairman and chief executive of the asset management group. Previously, Lane was vice chairman of Lehman Brothers, chairman of Neuberger Berman Inc. and vice chairman of Travelers Group and its subsidiary, Smith Barney.

JUNE

June 26: RBC Capital Markets has recruited seven bankers from Bear Stearns. Kathy Costine, Rae Boylan, Nelson Luria, James LaVigne, Marcella Finkel, Evie Wang and Sonal Bose joins RBC's municipal finance healthcare practice. Costine, Boylan and Luria join as managing directors, LaVigne as a director. Finkel and Wang join are vice presidents and Bose is an associate. Costine had managed Bear Stearns' not-for-profit healthcare practice since 1992. Previously, she headed Kidder Peabody's health and higher education finance group for more than a decade.

June 25: Former Bear Stearns CEO Alan Schwartz was reported on June 2 to be having second thoughts on taking a vice chairman role with J.P. Morgan. The New York Post reported June 25 his other options may include moving to a private equity firm, like KKR.

June 24: Thomas Weisel Partners LLC hired Jason Moran and Ralph Sutton as managing directors focused on healthcare. Robert Nabholz was hired as a managing director covering telecommunications services for investment banking. Moran and Sutton join from Piper Jaffray and Bear Stearns, respectively. Moran works from San Francisco and Sutton is in New York. New York-based Nabholz was a senior managing director at Bear Stearns.

June 20: John Andrews is now a managing director at CIT Commercial & Industrial, providing financial advisory and capital-raising services to industrial companies in the chemicals, plastics and materials sectors. Andrews was previously a managing director in the investment banking group at Bear Stearns.

June 17: Jefferies expanded its energy investment banking group, Jefferies Randall & Dewey. Former co-president Ralph Eads III was named chairman of the group. Eads also became a vice chairman of Jefferies. Stephen Straty and David Rockecharlie were named group co-heads. Straty joins Jefferies following 17 years at Bear Stearns.

Meanwhile, Philip Cedar came on as a partner in the New York office of Kirkpatrick & Lockhart Preston Gates Ellis LLP. Cedar joined the financial services practice from Bear Stearns, where he was a senior managing director in the legal department and a group practice leader for the mortgage and asset-backed securities division.

June 16: Deutsche Bank Securities Inc. said Thomas Widener joined the firm's global banking division in New York as a managing director and vice chairman in the natural resources group. Widener joined from Bear Stearns, where he was a senior managing director and global head of the power and utilities group. He also oversaw the firm's alternative energy investment banking activities. Before Bear, he spent more than 20 years in investment banking at Merrill Lynch.

Separately in New York, Deutsche Bank Private Wealth Management said George Zahringer III joined the firm as a managing director and client adviser. He was previously a senior managing director with Bear Stearns.

June 13: In New York, Barclays Capital expanded its healthcare investment banking team. The senior members were W. Patrick McMullan III, who became a managing director and head of healthcare coverage; and managing directors Ben Adams, Frank Williams and Kevin Clarke. McMullan joined from Bear Stearns, where he was a senior managing director and co-head of healthcare investment banking. Before Bear Stearns, McMullan was co-head of the global healthcare group at Credit Suisse Group. Adams was a senior managing director in Bear's healthcare group, specializing in debt and equity financings. Williams held the same title on that team. Clarke was most recently chief financial officer of Kos Pharmaceuticals Inc., which Abbott Laboratories acquired. Previously, Clarke spent 14 years at Bear Stearns, most recently as a senior managing director and head of healthcare mergers and acquisitions.

Meanwhile, healthcare investment bank Leerink Swann LLC brought in Frederick Wise and Jason Gurda from Bear. Wise is a managing director covering the medical supplies and devices sector, and Gurda is a director covering the healthcare facilities industry. Wise was previously a senior managing director with Bear Stearns, where he worked for 22 years. Gurda was an equity research analyst there for the previous six years.

Elsewhere, Ladenburg Thalmann Financial Services Inc. expanded its equity research coverage into the industrial manufacturing and water sectors, adding R. Scott Graham as a managing director in New York. Graham joined from Bear, where he was a senior equity analyst and managing director. Ladenburg also added Brett Kauffman as chief financial officer in April. (See more below.)

Meanwhile, Merrill Lynch hired John Tyers as president of Broadcort, a provider of clearing services to U.S. broker-dealers. Most recently, Tyers was a senior managing director and co-head of Bear Stearns Broker Dealer and Investment Advisor Services.

June 12: Moelis & Co. hired Greg Shaia as a managing director in New York to lead coverage in the consumer and retail sector. Shaia joins from Bear Stearns, where he most recently was head of retail and apparel investment banking. In 2004, Bear poached Shaia from Citigroup Inc., where he was a managing director in the consumer and healthcare group, and also focused on retail and apparel. Before that, he worked at Deutsche Bank Alex.Brown and its predecessors.

The week before, Moelis took on Ken Viellieu as a managing director and head of its Chicago office. Viellieu was previously with Bear, which he joined in 2001 as a senior managing director and was head of Midwest investment banking. Before that, Viellieu was a managing director and co-head of Midwest investment banking at Donaldson, Lufkin & Jenrette Inc.

Meanwhile, A.J. Mediratta, who spent 10 years with Bear Stearns, was hired by hedge fund Greylock Capital Management LLC as a senior managing director. Mediratta was head of the international debt capital markets group at Bear Stearns. Also, Andrey Popel, Anthony Bitz and Wei Yeh Sun, all of whom worked for Mediratta, signed on with Greylock.

Broadpoint Capital, a broker-dealer subsidiary of Broadpoint Securities, said a team of six investment-grade fixed-income sales professionals led by two Bear Stearns veterans joined the firm's debt capital markets division. Richard Crescenzo and Douglas Scales came on as managing directors and co-heads of the new investment-grade sales department. Crescenzo spent 14 years at Bear Stearns, most recently as a senior managing director in its fixed-income division. Joining Crescenzo and Scales are Robert Arslanian, Renee Rainero, Michael Leit and Meredith Stabile.

June 11: Bank of America recruited David Glaser as its chairman of global mergers and acquisitions. Glaser was co-head of investment banking for Bear Stearns, where he spent 23 years. Other senior staff to head to BofA from Bear included Davies Beller, managing director in the media unit, Adam Blackman, co-head of business and technology services, Steven Lipman, managing director in financial sponsors, and Fred McConkey, a managing director in healthcare and financial sponsors. Also, Gregg Nabhan from Morgan Stanley became chairman of equity capital markets and Phil Barnett was hired from MS as head of BofA's financial institutions unit. Earlier, Cary Thompson joined from Bear to head corporate finance on the West Coast.

Tudor Investment Corp. tapped Gregory Hanley and Alan Mintz to establish a new investment management business focused on credit-related strategies. Both joined Tudor from Bear Stearns, where they were senior managing directors and co-heads of the distressed debt group. Hanley, who joined Bear in 1985, also served as co-head of the high-yield trading group. Also joining as senior members of the team were Mitchell Sussman, Eric Friel and Howard Norowitz.

June 10: Credit Suisse Group said Spencer Wang joined its equity research group as a managing director and senior media and Internet analyst, based in New York and reporting to Lara Warner, head of U.S. equity research. Wang joined CS from Bear, where he was an entertainment and cable/satellite TV senior analyst. He also worked at J.P. Morgan.

June 9: Thomas Weisel hired Jon Fredericks as a managing director on the Canadian trading desk, Chris Richards as a managing director on the New York trading desk and Raj Denhoy as a director in the research department to lead coverage in the medical devices sector. Fredericks joined from Merrill Lynch, and Richards came from Banc of America Securities LLC. Denhoy held senior research positions at Bear Stearns, Piper Jaffray and J.P. Morgan Chase.

June 5: Evercore Partners Inc. hired Daniel Celentano, the former head of Bear Stearns' restructuring practice, to join the boutique investment bank's restructuring team. Celentano, formerly a senior managing director at Bear Stearns, was given the same position at Evercore. He joined the team's current leaders, William Repko and David Ying in a business that is expected to flourish as more companies struggle through the credit crunch.

New York-based Evercore noted in its announcement that Celentano has a wealth of experience advising a number of high-profile clients on corporate restructuring including: General Motors Corp. in the Delphi Corp. Chapter 11 case; Time Warner Cable in its acquisition of the assets of Adelphia while it was in Chapter 11; Andersen Worldwide in the restructuring and the distressed sale of Andersen Business Consulting to KPMG Consulting to form BearingPoint; and Zale Corp. and NVR LP in their respective Chapter 11 cases. - Donna Block

Meanwhile, Bear Stearns Merchant Banking, the former Bear private equity arm with an enviable track record, officially declared independence from its former parent and said it would move its Manhattan headquarters and change its name. It was symbolic more than anything; BSMB already operated largely independently from Bear.

Elsewhere, Deutsche Bank Securities Inc. tapped Mark Schoenebaum as a managing director and senior research analyst in equity company research within the global markets division in New York. Schoenebaum joined from Bear Stearns, where he was a senior managing director covering biotechnology in equity research. Previously, he was co-director of healthcare equity research at Alexandra Investment Management and worked at Piper Jaffray. Also, Robyn Karnauskas joined DB as a vice president and research analyst in equity company research. Karnauskas was previously an associate director at Bear covering biotech.

Meanwhile, Michael Solender was named Washington Mutual Inc.'s executive vice president and chief legal officer. He would also join the firm's executive committee and succeed Stewart Landefeld, interim CLO, who returned to private practice at Perkins Coie LLP. Solender was general counsel with Bear Stearns. Before that, he was a partner with Arnold & Porter LLP. Previously, Solender was general counsel of the U.S. Consumer Product Safety Commission. Solender reports to WaMu CEO Kerry Killinger, who relinquished his role as chairman to independent director Stephen Frank.

June 3: Merrill Lynch tapped Fares Noujaim as president of the firm's business in the Middle East and North Africa, and as global head of sovereign wealth funds. Noujaim was hired to work from the Middle East and New York, reporting to Merrill president and chief operating officer Gregory Fleming. Noujaim moved to Merrill from Bear Stearns, where he was vice chairman of the board and a member of the president's advisory committee. Noujaim joined Bear in 1987 from Goldman Sachs.

MAY


May 21: Dahlman Rose & Co. LLC appointed Tony Rizzuto as a managing director of equity research, focusing on the global metals and mining sector. Rizzuto was a senior managing director at Bear Stearns, where he has worked since 1993. Also, former Bear associate analysts Daniel Whalen and Anthony Young join the team with Rizzuto.

May 20: Energy investment bank Pritchard Capital Partners added Mark Brown as a senior analyst in the equity research group, covering the oilfield services sector. Brown joined from Bear Stearns.

May 14: In Natsource LLC's New York office, John Geissinger, a senior executive of Bear Stearns Asset Management Inc., was named chief risk officer; Frederick Shaw joined as chief compliance officer; and Evan Kerr became head of marketing and product development for Natsource Asset Management LLC. Shaw and Kerr also worked at BSAM.

ONE LUCKY GUY

May 12: Shelly Stein, who ran Bear's investment banking business in Dallas, left for Merrill Lynch a month before Bear collapsed in March to run Merrill's new Dallas investment banking office. Stein had been at Bear since 1986, and owed his new job to John Thain, the Goldman Sachs veteran who became Merrill Lynch's CEO in December. The two met in the late 1970s, when Thain was an associate at Goldman and Stein was an associate at Hughes & Luce LLP and worked together on deals. Stein says Thain tried to lure him to Goldman several times over the years, but he was happy at Bear. Thain called Stein again when he landed at Merrill after his stint at the New York Stock Exchange.

Stein built Bear's Dallas team to 37 bankers at its peak and ran various regional offices. His clients include Texas financier Tom Hicks, Glazer's Wholesale Drug Co., Sabre Holdings Corp., Brinker International Inc. and Men's Wearhouse Inc. Stein has already recruited to Merrill former Bear bankers Chris Carter, an associate, and Thomas Greenlee, a director.- Amy Wu

ANOTHER BEAR REFUGEE

May 12: Jefferies & Co., a subsidiary of Jefferies Group, named former Bear banker David Baxt as head of the firm's aerospace and defense investment banking effort, Jefferies Quarterdeck LLC, replacing co-heads Michael Richter and Bill Farmer, who have left the firm.

Chris Kanoff, co-head of investment banking at Jefferies, said his firm was on the phone to Baxt the moment J.P. Morgan took over Bear. "They were one of the largest competitors," he says of Bear. Baxt recently advised defense company Cobham plc in its $416 million acquisition of Sparta Inc. and sat across the table from Jefferies bankers in Esterline Corp.'s $335 million purchase of CMC Electronics Inc. last year. Baxt will not start at Jefferies until August, when his gardening leave ends. - Lisa Lee and A.W.

May 9: Ross Sakamoto joined DB Advisors, the asset management division of Deutsche Bank, as a director and senior product specialist for quantitative strategies. He came in from Bear's U.S. program sales and trading team, where he was a managing director. Sakamoto also worked at Symphony Asset Management and Barclays Global Investors. Based in San Francisco, he reports to managing director James Norman, global head of quantitative product specialists.

APRIL

April 29: ResCap mortgage loan business, named Thomas Marano as its nonexecutive chairman. Marano, former senior managing director and head of mortgage and asset-backed securities at Bear Stearns, replaces Michael Rossi, who resigned as chairman in March, citing medical reasons. ResCap also said CFO James Young and Joshua Weintraub, a former senior managing director with Bear Stearns' global mortgage operations, were elected to its board.

SEEING THE FUTURE AT J.P. MORGAN

April 28: After bailing out Bear Stearns, J.P. Morgan announced several executive changes.

Bruce Lisman, former co-head of global equities at Bear Stearns, was named chairman of global equities at J.P. Morgan. Steven Meyer, co-head of equity at Bear Stearns, was made deputy head of global cash equity and prime services. Louis Lebedin was tapped to run the equity prime brokerage business. Nick Andrews of J.P. Morgan was named head of the equities business in Asia and emerging markets, while Deepak Gulati was selected to run global equity proprietary trading. Additionally, Richard Berliand, who headed J.P. Morgan's futures, options and cash units, was named global head of cash equities. David Herzberg, head of global equity derivatives at J.P. Morgan, was also tapped to cover structured products. And Andrea Angelone was made head of global derivatives financing.

Earlier, the firm announced several other moves. Co-heads of investment banking Steve Black and Bill Winters, working with Bear's Schwartz, said Don McCree, would become an executive vice president for treasury, corporate finance and corporate mergers and acquisitions. Mike Ashworth was named firmwide head of global technology infrastructure.

Doug Braunstein was named head of investment banking and origination in the Americas and continues to be responsible for M&A globally. Equity and debt capital markets and syndicated and leveraged finance now report to him. Jeff Urwin took over as head of investment banking coverage in the Americas, reporting to Braunstein.

Klaus Diederichs was made head of EMEA investment banking and origination, and Gaby Abdelnour was named CEO of Asia-Pacific across the J.P. Morgan lines of business and would continue to be responsible for investment banking and origination there.

Jeff Mayer was named vice chairman of the investment bank, focused on global markets. Daniel Pinto would head global emerging markets and global credit trading and syndicate. Carlos Hernandez was tapped to head global equities, while Tony Best was picked to run global sales. Craig Overlander was named vice chairman of the investment bank, focused on investor clients.

Blythe Masters became head of global commodities. Matt Zames took over global rates, FX and tax-exempt capital markets/municipals. Venu Thirunamachandran was named head of global fixed-income hybrids and exotics, and Bill King and Mike Nierenberg were named co-head global securitized products. Bob Case was brought in as head of global principal investment management.

John Hogan was made chief risk officer, and Brian Sankey global head of credit risk and deputy CRO. Nick O'Donohoe was tapped to run global research.

Peter Cherasia was made head of global technology and operations and real estate. Paul Compton became CFO and head of global finance and business management. Diane Genova was named general counsel.

April 18: In Hong Kong, Credit Suisse hired two senior investment bankers for its greater China business. David Cheng joined as a managing director and head of corporate finance, Greater China. Quincy Hui joined as a managing director for Hong Kong coverage. Cheng arrived from Bear Stearns, where he was a senior managing director and head of corporate finance in Asia. Before that, he was a managing director and head of investment banking at Citic Capital and Bank of China International.

April 17: Citigroup Inc. added Thomas Flexner to its institutional clients group as global head of real estate, reporting to John Havens, CEO of Citi Institutional Clients Group. He was also named to the management committee. Flexner was most recently a vice chairman with Bear Stearns, which he joined in 1993 from Eastdil Realty Inc., where he was executive vice president and co-head of investment banking.

April 15: Robert W. Baird & Co. enlisted Jeffrey Seaman as a managing director in its financial sponsor investment banking team in Chicago. Previously, Seaman was a senior managing director in the financial sponsor group at Bear. He also spent 15 years with Lehman Brothers.

THE JUST-IN-TIMERS

April 4: Brett Kaufman, a former Bear managing director in New York, headed to Miami. Kaufman started at Ladenburg Thalmann as chief financial officer, just two weeks after Bear collapsed on March 16. "It's pretty good timing," Kaufman said, who was most recently director of financial planning and analysis in Bear Stearns' controllers group.

A high-profile executive to benefit from good timing, of course, is Louis Friedman, Bear's former vice chairman of investment banking and global chairman of M&A, who announced plans to join New York-based hedge fund P. Schoenfeld Asset Management LLC as president and managing partner on March 6.

Also in March, David Strumeyer, 42, Bear's COO of legal and compliance, joined Weil, Gotshal & Manges LLP as executive director, heading administration and operations globally. "I don't have what they call a trader's stomach, and the ups and downs would impact me personally," Strumeyer said of his last few months at Bear. "I started saying there's nothing wrong with going back to the stability of a law firm." - A.W.

A LITTLE ADVICE?

In late March, The Deal spoke with former global head of staffing at Bear Tony Brown, who had since moved to the Whitney Group as an executive recruiter. Brown talked about what he was seeing, recruiting-wise in light of Bear's fall, and he offered up some advice.

March 20: J.P. Morgan Chase was said to be giving bonuses to Bear bankers that decide to stay through the takeover, according to Reuters. - Maria Woehr

March 25: Jamie Dimon, J.P. Morgan's chief executive, reportedly asked Morgan Stanley, Merrill Lynch and Credit Suisse management to "hold off" from hiring Bear Stearns' financial advisers, according to The Huffington Post and Dow Jones. - M.W.

March 28: A U.S. federal judge temporarily blocked Douglas Sharon, a then-executive director of Bear's private client services group in Boston, from leaving his position to start in a position at Morgan Stanley because he failed to give 90-days notice, Reuters reported. Sharon, a 20-year Bear veteran was said to have copied legal documents and was recruiting clients and colleagues to follow him. Sharon quit on March 17, 2008, before J.P. Morgan increased its bid for Bear to $10 from $2 per share. -  M.W.

CHANGING OF THE GUARD

Jan. 9: Jimmy Cayne's ouster as Bear chief executive signaled a power shift on Wall Street, The Deal's editor-in-chief, Robert Teitelman explained: "The credit crunch has done a lot of damage on Wall Street to CEO ranks, but the real destruction is taking place in a group that had been rising politically since the '90s: the trading and fixed-income crowd." Cayne stayed on as chairman while Schwartz took over as CEO.

Dealwatch executive summary
The Date
The Action
8.12.08
8.08.08

8.06.08

8.01.08
7.31.08
7.30.08
7.28.08
7.25.08

7.24.08

7.22.08
7.21.08
7.17.08
7.16.08
7.14.08
7.11.08
7.10.08

7.08.08
7.03.08
7.01.08
Matt Chasin moves to Sorin Capital Management.
UBS, FBR Capital Markets are among the latest firms to tap into the talent pool of former Bear bankers.
Broker dealer BTIG named Kenneth Savio senior managing director and co-head of global equities.
Morgan Stanley hires up.
Guggenheim Partners pulls in Bear mortgage veteran.
Icahn Enterprises LP tapped Dominick Ragone as CFO.
Tom Kozolik joins Janney Montgomery Scott.
Michael Komson moves to Broadpoint Capital as managing director of high-yield sales.
Thomas Marano will serve as chairman and CEO of ResCap. And hedge fund lawyer Rory Cohen moves to Venable.
He was the assistant controller for Bear Stearns Cos.
Barclays Capital taps the ex-Bear talent pool, again.
FBR picks up a trio of ex-Bear bankers.
Jefferies, Barclays tap into the talent pool.
Bank of America taps some more ex-Bear employees.
Katten Muchin, MKP Capital are the latest to tap Bear lawyers and bankers.
Jefferies taps John Fargis to head its U.S. media investment banking practice.
Dahlman Rose taps James Manfredonia as managing director and head of equities.
RBC Wealth Management hires up.
Highland Capital Management has named Maureen Mitchell a managing director.
Jeffrey Lane takes over as CEO of Modern Bank. Lazard Middle Market, Chilton Investment Co. hire one-time Bear managing directors.
6.20.08 John Andrews, a former Bear Stearns managing director of investment banking has moved to CIT Commercial & Industrial.
6.17.08 Stephen Straty has joined Jefferies & Co. after 17 years at Bear.
6.16.08 Thomas Widener, George Zahringer III move to Deutsche Bank, Deutsche Bank Private Wealth.
6.13.08 Barclays adds healthcare investment bankers W. Patrick McMullan III, Ben Adams, Frank Williams and Kevin Clarke.
6.12.08 Moelis & Co. taps Greg Shaia to lead consumer and retail coverage.
6.11.08 David Glazer moves from Bear to BofA as chairman of global M&A.
6.10.08 Credit Suisse taps Spencer Wang for equity research.
6.09.08 Raj Denhoy joins Thomas Weisel
6.05.08 Evercore Partners hires Daniel Celentano, the former head of Bear's restructuring practice.
6.03.08 Merrill taps Fares Noujaim as global head of sovereign wealth funds, to preside over Middle East and North Africa operations.
5.21.08 Dahlman Rose & Co. picks up a trio from Bear.
5.20.08 Mark Brown moves to Pritchard Capital.
5.14.08 Natsource recruits three from BSAM.
5.12.08 Shelly Stein moved to Merrill just ahead of Bear's collapse.
5.12.08 Jefferies nabbed David Baxt the moment J.P. Morgan nabbed Bear.
4.29.08 Rescap taps Thomas Morano as nonexecutive chairman.
4.28.08 J.P. Morgan incorporates some top-level Bear alum.
4.18.08 Credit Suisse adds to its China practice.
4.17.08 Citi adds Thomas Flexner to institutional clients group as global head of real estate for.
4.15.08 Robert W. Baird taps Jeffrey Seamen as managing director for its financial sponsor group in Chicago.
4.2008 J.P. Morgan unveils Bear changes.
4.04.08 Some got out just in time.
3.24.08 Tony Brown, a former global head of staffing for Bear, offers some advice.
1.2008 Cayne's ouster signals a shift on Wall Street.
12.2007 Louis Friedman talks with Peter Schoenfeld about a move.

Source: The Deal, press reports

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