Good bit on Bear on www.randombanker.blogspot.com & other banks
Posted by Farley Hill on 10/09/2007 at 09:53 PM
Bear Stearns Shuffles the Deck
Tuesday, October 09, 2007 - 10:13 am
Bear Stearns continues to shake things up in an effort to re-invigorate the franchise. Lee Stettner, a well regarded banker from Deutsche Bank, is on board in the newly created position as Global Head of Equity Capital Markets:
Commenting on the hire, Alan Schwartz, President of Bear Stearns, said, “Our Strategic Finance Group is designed to offer our clients an unmatched product suite accompanied by top-flight execution capabilities. The addition of Lee will greatly enhance that effort. We are confident that his equity capital markets expertise will prove invaluable to a wide range of clients both in the US and internationally.”
Mr. Stettner has over seventeen years experience in the industry and has led equity and equity-linked transactions for more than one hundred companies during his career.
“Throughout my career, I have prided myself on developing innovative and effective solutions for clients,” said Mr. Stettner. “This is a compelling opportunity to work within a tremendous organization that has a leading client-centric strategic finance platform.”
Mr. Stettner will join Bear Stearns from Deutsche Bank, where he was Head of Healthcare Investment Banking for the Americas. Previously, he served as Co-Head of Equity Capital Markets for the Americas at Deutsche Bank and spearheaded ECM coverage for healthcare and real estate/gaming/lodging. Business Wire
Stettner will have his work cut out for him. Shoring up sagging morale at the Bear might be a tall order, given compensation levels that put staffers in Wall Street’s cellar. Bear’s 2007 compensation pool should show the only decline out of the big brokers.
....Goldman pays employees more. The company set aside $16.9 billion for compensation and benefits in the first nine months of the fiscal year, up 21 percent from a year earlier, the company reported last month. The outlay exceeded Morgan Stanley’s $13.4 billion and Lehman’s $7.3 billion. Bear Stearns was the only one to reduce compensation as its revenue declined. The firm’s costs fell 5.9 percent from a year earlier to $3.1 billion, according to company reports. Bloomberg
No doubt Bear employees have more challenges ahead of them as management works on righting the ship.
Bear Stearns Hires Lee Stettner as Global Head of Equity Capital Markets
Business Wire
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