Bear Stearns CEO to step down: report |
| MarketWatch - Jan 8, 2008 |
The subprime mortgage crisis has claimed another victim in Bear Stearns Cos. Chief Executive James Cayne, according to a media report Monday.
Cayne has begun notifying board members that he will step down as the firm's CEO, though he plans to remain as chairman, according to a report in the online edition of The Wall Street Journal that cited unnamed sources.
Cayne, 73, is responding to shareholder pressure, the report said. Bear Stearns, like other financial services firms, has been hit hard by the subprime mortgage crisis and ongoing credit crunch.
In some ways Bear Stearns has been seen as even more vulnerable to the credit crunch that other firms, as it has a higher exposure to U.S. mortgage and fixed-income markets.
Read Full Article from MarketWatch
- Posted: 2008-01-08 09:06:06
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