David Glaser, a confidant former Bear
Stearns chief executive Alan Schwartz, has joined Bank of
America, the New York Times reported on Monday, the latest
executive to turn away from JPMorgan as it tries to keep top
Bear talent from bailing on the merged bank.
Glaser was co-head of investment banking at Bear Stearns &
Co. He will become chairman of Bank of America's (BAC.N) global
mergers and acquisitions practice, the Times reported.
Glaser spent 23 years at Bear, the Times said, adding that
the number of Bear bankers at Bank of America shows it is
beefing up its own investment banking franchise.
JPMorgan & Chase Co (JPM.N) Chief Executive Jamie Dimon has
been trying hard to keep top talent from jumping ship, but has
not necessarily offered jobs to all of the top executives
popping up elsewhere on Wall Street, the Times said.
Last week, subprime mortgage company Accredited Home
Lenders () named Jeff Walton, previously Bear's head of
mortgage origination lending, as its chief executive.
Accredited Home's parent, private equity firm Lone Star
Funds, last month bought "certain operating assets" of the
business Walton used to head up, Bear Stearns Residential
Mortgage Corp.
Bear Stearns was forced in March to ask JPMorgan to acquire
it at the rock-bottom price of $10 a share.
(Reporting by Christopher Kaufman)
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