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— Dealmaker profiles and video —Dealmakers: July 7, 2008Bear Stearns: Where are they now?
Bear Stearns Cos. had 14,000 employees, including 98 senior managing directors, when it imploded on March 14. Since then, the firm's new owner, J.P. Morgan Chase & Co., has extended job offers to 6,000 ex-Bear staffers, including 38 senior managing directors. Of that senior group, about 20 have joined J.P. Morgan. "There aren't many of us," says one ex-Bear banker who landed at the firm's new owner. Indeed, about 10% of Bear's roughly 600 investment bankers were recruited by J.P. Morgan. That group includes Bear's investment banking co-head Jeff Urwin, who snagged the plum job of J.P. Morgan's head of investment banking in the Americas, and Fred Turpin Jr., a Bear senior managing director for IT and telecom who now boasts that title at J.P. Morgan in Dallas and New York. Meanwhile, former Bear CEO Alan Schwartz is reportedly deciding whether to join his old firm's new owner as a vice chairman or sign on with a private equity firm. Bear bankers who didn't receive job offers from J.P. Morgan were given a severance package equal to 25% of last year's bonus. "At the end of the day, they were buying us, and they did a good job," says one former Bear banker. "It's hard when you have this many people and so many who will end up displaced." But many of the displaced are not only surviving, but thriving. "Most of the people have been able to find something of a comparable level and salary, too," says Tony Brown, an executive recruiter for Whitney Group who is also a former global head of staffing at Bear Stearns. "Many of the Bear Stearns people are landing at very large firms and found attractive jobs." After J.P. Morgan, which declined to comment for this story, Bank of America Corp. has been a top recruiter of Bear talent, along with a melting pot of big Wall Street firms, hedge funds, private equity funds and boutiques. While there are no official numbers tracking ex-Bear bankers, Movers & Shakers has located more than 100 members of the Bear diaspora who are now gainfully employed on Wall Street. Here they are, in alphabetical order, with their old titles at Bear and their new jobs. Ben Adams Bear senior managing director, healthcare; managing director, healthcare coverage, Barclays Capital Lawrence Alletto Bear senior managing director; senior managing director, J.P. Morgan Orman Anderson Bear managing director; executive director, J.P. Morgan John Andrews Bear managing director; managing director, CIT Commercial & Industrial Sandy Ayer Bear senior managing director, industrial products; managing director, J.P. Morgan Jerry Bailey Bear Stearns Merchant Banking senior advisory director/financial technology sector; Lisbeth Barron Bear senior managing director, entertainment and media; David Baxt head of aerospace and defense banking, Jefferies Quarterdeck
Nick Bell Bear managing director/head of European media research; Davies Beller Bear managing director, media; managing director, Bank of America Corp. Adam Blackman Bear co-head of business and technology services; managing director, Bank of America Corp. Denis Bovin Bear senior managing director; launching an advisory boutique with Mike Urfirer Rae Boylan Bear managing director/not-for-profit healthcare; managing director, municipal finance healthcare, RBC Capital Markets Mark Brown Bear research analyst; senior research analyst, oil-field services, Pritchard Capital Partners LLC Philip Cedar Bear senior managing director/legal department and group practice leader for the mortgage and asset-backed securities division; partner, financial services practice, K&L Gates LLP Daniel Celentano Bear senior managing director/head of financial restructuring; senior managing director, Evercore Partners Inc. David Cheng Bear senior managing director/head of corporate finance in Asia; head of corporate finance for the Greater China region, Credit Suisse Group Stephen Clark Bear senior managing director/natural resources; managing director, Kathy Costine Bear managing director/not-for-profit healthcare; managing director, municipal finance healthcare, RBC Capital Markets John Crawford Bear managing director/technology; principal, technology, Bank of America Corp. Richard Crescenzo Bear senior managing director/fixed income; managing director and co-head of investment-grade sales, Broadpoint Capital Inc. Jonathan Dann Bear head of European telecoms equity research; J.P. Morgan Andrew Decker Bear senior managing director/chairman of the global telecom group; managing director, telecom, Merrill Lynch & Co. Raj Denhoy Bear healthcare sector specialist; director in research, Thomas Weisel Partners Group Inc. Mark DeRocco Bear senior managing director/strategic finance; managing director, J.P. Morgan Charlie Diao Bear senior managing director and group head of special situations credit; launched M&A advisory firm Diao & Co. LLC and private investment fund management firm Diao Capital Management LLC Michael Driscoll Bear senior managing director/trading desk; head trader, Geosphere Capital Management LLC Noel Dunn Bear senior managing director/metals and mining; managing director, metals and mining, J.P. Morgan Charles Edelman Bear senior managing director/M&A; managing director, M&A, J.P. Morgan Scott Eichel Bear co-head of asset- and mortgage-backed securities trading; Royal Bank of Scotland Group plc Jim Ferency Bear senior managing director, M&A; managing director, J.P. Morgan Thomas Flexner Bear vice chairman, commercial real estate; global head of real estate, Citigroup Inc. Steve Frank Bear senior managing director, co-head of healthcare; managing director, healthcare, J.P. Morgan. Eric Friel Bear managing director; distressed debt team, Tudor Investment Corp. John Geissinger Bear Stearns Asset Management senior executive; chief risk officer, Natsource LLC David Glaser Bear co-head of investment banking; chairman of global mergers and acquisitions, Bank of America Corp. Mark Goldstein Bear senior managing director, co-head of European investment banking, head of European acquisition finance; managing director, J.P. Morgan
R. Scott Graham Bear managing director, senior equity analyst; managing director, Ladenburg Thalmann Financial Services Inc. David Granville-Smith Bear senior managing director, strategic finance; managing director, technology, media and telecom, J.P. Morgan Thomas Greenlee Bear vice president; director, Merrill Lynch & Co. Verne Grinstead Bear senior managing director/head of capital markets; managing director, equity capital markets, J.P. Morgan Cazenove Ltd. Jason Gurda Bear equity research analyst; director, healthcare facilities, Leerink Swann LLC Tom Hagerstrom Bear senior managing director/structured products; managing director/structured products, J.P. Morgan Gregory Hanley Bear senior managing director/co-head of distressed debt; distressed debt team, Tudor Investment Corp. Alexandra Hauber Bear managing director, head of pharmaceuticals equity research; J.P. Morgan Francie Heller Bear senior managing director/head of pension, endowment and foundation services; managing director, client relations, Chilton Investment Co. Lonny Henry Bear senior managing director, real estate; managing director, real estate, J.P. Morgan John Howard Bear Stearns Merchant Banking Group CEO; the private equity arm will spin off from J.P. Morgan Michael Hyatt Bear senior managing director; joining John Howard at Bear Stearns Merchant Banking Group, which will spin off from J.P. Morgan Robert Irwin Bear senior managing director, global transportation, logistics and supply-chain software; managing director, J.P. Morgan Robyn Karnauskas Bear research analyst, biotech; vice president and research analyst, Deutsche Bank AG Brett Kaufman Bear managing director, director of financial planning and analysis; vice president and chief financial officer, Ladenburg Thalmann Financial Services Inc. Jim Kern Bear senior managing director; structured finance; managing director, structured finance, J.P. Morgan Evan Kerr Bear Stearns Asset Management managing director; head of marketing and product development, Natsource Asset Management LLC Jeffrey Lane Bear chairman and CEO of asset management; CEO, Modern Bank NA Marc Layne Bear managing director, technology, media and telecom; executive director, technology, media and telecom, J.P. Morgan Louis Lebedin Bear co-head of prime brokerage; head of equity prime brokerage, J.P. Morgan Yves Leysen Bear managing director, head of fixed income; plans to launch his own shop Jonathan Lieberman Bear senior managing director, mortgages; managing director, residential mortgages, Angelo Gordon & Co. Bruce Lisman Bear co-head of global equities; chairman of global equities, J.P. Morgan Steven Lipman Bear managing director, financial sponsors; managing director, Bank of America Corp. Nelson Luria Bear managing director, not-for-profit healthcare; managing director, municipal finance, healthcare, RBC Capital Markets Hamish MacLellan Bear senior managing director, equity trading; head of European equity trading, Jefferies International Rajiv Malik Bear Southeast Asia economist; Southeast Asia economist, Macquarie Bank Ltd. Jeff Mayer Bear senior managing director, fixed income; offered and turned down the position of vice chairman, J.P. Morgan Fred McConkey Bear managing director, healthcare and financial sponsors; managing director, healthcare and financial sponsors, Bank of America Corp. W. Patrick McMullan III Bear senior managing director, co-head of healthcare investment banking; managing director, head of healthcare, Barclays Capital A. J. Mediratta Bear senior managing director, head of international debt capital markets; senior managing director, Greylock Capital Management LLC
Eric Menell Bear managing director, media; executive director, media, J.P. Morgan Steven Meyer Bear co-head of equity; deputy head of global cash equity and prime services, J.P. Morgan Alan Mintz Bear co-head, distressed debt group; distressed debt team, Tudor Investment Corp. Peeyush Misra Bear mortgage derivatives trader; managing director, Goldman, Sachs & Co. Tom Monaghan Bear senior managing director, healthcare; managing director, healthcare, J.P. Morgan John Moore Bear Asia chief; head of sovereign wealth group coverage, J.P. Morgan, Hong Kong Jim Nish Bear senior managing director, head of global industrial group; managing director, J.P. Morgan Howard Norowitz Bear managing director; distressed debt team, Tudor Investment Corp. Fares Noujaim Bear vice chairman; president, Middle East and North Africa, and global head of sovereign wealth funds, Merrill Lynch & Co. Mike O'Donovan Bear senior managing director, equity link capital markets; managing director, J.P. Morgan James O'Shaughnessy Bear Stearns Asset Management, head of systematic equities; founder, O'Shaughnessy Asset Management LLC. Includes five Bear managers Craig Overlander Bear senior managing director, head of fixed-income sales; offered and turned down position of vice chairman, J.P. Morgan George Passaris Bear senior managing director, collateralized loans and collateralized debt obligations in Europe; managing director and product manager, Pramerica Fixed Income Management Michel Péretié head of Bear Stearns International in Europe; head of investment banking, Société Générale Glen Reidman Bear senior managing director, industrial products; managing director, J.P. Morgan Tony Rizzuto Bear senior managing director; managing director, equity research, global metals and mining sector, Dahlman Rose & Co. LLC, along with Bear analysts Daniel Whalen and Anthony Young John Ryan
vice president, Goldman, Sachs & Co. Robert Sage Bear managing director, European banking equity research; Macquarie Bank Ltd. Ross Sakamoto Bear managing director, U.S. program sales and trading; director and senior product specialist for quantitative strategies, Deutsche Bank AG's DB Advisors unit Douglas Scales Bear senior managing director, fixed income; managing director and co-head, investment-grade sales, Broadpoint Capital Inc. Mark Schoenebaum Bear senior managing director, biotech analyst; managing director and senior research analyst, Deutsche Bank Securities Inc. Carsten Schwarting Bear trader; vice president, Goldman, Sachs & Co. Jeffrey Seaman Bear senior managing director, financial sponsors group; managing director, financial sponsors, Robert W. Baird Frank Sellman Bear managing director, financial sponsors; managing director, Moelis Greg Shaia Bear senior managing director, head of retail and apparel investment banking; managing director, head of consumer and retail, Moelis & Co. Frederick Shaw Bear Stearns Asset Management associate director; chief compliance officer, Natsource LLC Kenneth Shea Bear senior managing director, gaming; managing director, J.P. Morgan Andrew Shortland Bear senior managing director, equity trading; head of European equities, Jefferies International Michael Solender Bear chief legal officer and general counsel; executive vice president and chief legal officer, Washington Mutual Inc. Stephen Straty Bear senior managing director, head of natural resources in Dallas; co-head of energy investment banking energy, Jefferies & Co. David Strumeyer Bear senior managing director and chief operating officer, legal and compliance; executive director and resident, Weil, Gotshal & Manges LLP Ron Suber Bear senior managing director/manager, global clearing sales; senior partner, head of global sales and marketing, Merlin Securities LLC Mitchell Sussman Bear managing director, distressed debt; Tudor Investment Corp. Cary Thompson Bear senior managing director, head of West Coast corporate finance; head of West Coast corporate finance, Bank of America Corp. Fred Turpin Jr. Bear senior managing director/IT and telecom; senior managing director, J.P. Morgan John Tyers Bear co-head of broker-dealer and investment adviser services; president of Broadcourt, Merrill Lynch & Co.'s clearing service Mike Urfirer Bear senior managing director; launching an advisory boutique with Denis Bovin Jeff Urwin Bear co-head of investment banking; head of investment banking in the Americas, J.P. Morgan Jeffrey Verschleiser Bear head of mortgage trading; mortgage department, Goldman, Sachs & Co. Ken Viellieu Bear senior managing director, head of Midwest investment banking; managing director and head of Chicago office, Moelis & Co. Spencer Wang Bear senior analyst, entertainment and cable, satellite TV; managing director and senior media and Internet analyst, Credit Suisse Group Joshua Weintraub Bear senior managing director, global mortgage operations; elected to board of Residential Capital LLC Richard Werner Bear Stearns Asset Management fund manager; launched Providence Asset Management in the U.K. Thomas Widener Bear senior managing director, global head of power and utilities; managing director and vice chairman, natural resources group, Deutsche Bank Securities Inc. Frank Williams Bear senior managing director/healthcare; managing director, healthcare coverage, Barclays Capital Frederick Wise Bear senior managing director, medical supplies and devices analyst; managing director, medical supplies and devices sector, Leerink Swann LLC Penn Wyrough Bear senior managing director; managing director, J.P. Morgan
George Zahringer III Bear senior managing director; managing director and client adviser, Deutsche Bank Private Wealth Management Whereabouts unknown: Sanjiv Sobti, senior managing director, financial institutions; Ulman Anderson, managing director; Andrew Decker, senior managing director; Michael Kim, managing director; Paul Abecassis, European chairman; Florian Lahnstein, co-head of European investment banking; Stephen Davidson, senior managing director, telecoms, in London; Richard Strang, senior managing director, head of international telecoms in London; Michael Yagemann, senior managing director, co-head of media and entertainment; Jonathan Golub, senior managing director and chief investment strategist; Lee Stettner, global head of equity capital markets; Nicolo Brandolini d'Adda, co-head of European equities; Vincent Van Pelt, co-head of European equities; Michael Nierenberg, head of mortgage trading; Michael Kim, managing director; Henry Tsang, Bear senior managing director in Asia; and Donald Tsang, Bear vice chairman in Asia. |
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