Tuesday, 29 July 2014
Last updated 4 hours ago
Aug 6 2007 | 8:58am ET
If sub-prime had a face at Bear Stearns, it was Warren Spector. And as the Wall Street bank continues to suffer at the hands of the declining sub-prime mortgage market, it has cut ties with the now-former firm co-president, who resigned yesterday.
Spector, who was also seen as a possible successor to CEO James Cayne, oversaw both Bear’s fixed-income business—the firm is the second-largest underwriter of U.S. mortgage-backed securities—and its asset management unit, home to Bear’s two now-bankrupt credit hedge funds. Bear, buffeted by sub-prime woes, has seen its share price drop by a third this year.
Spector’s former co-president, Alan Schwartz, was named sole president, while CFO Samuel Molinaro succeeds him as chief operating officer. Jeffrey Mayer, co-head of fixed-income, takes Spector’s place on the firm’s executive committee.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…