Bear Stearns hires ECM head from BNP Paribas
|
|
|
By Michael FlahertyHONG KONG (Reuters) - Bear Stearns has hired Darius Yuen from French bank BNP Paribas to head the New York investment bank's equity capital markets group in Asia, a spokeswoman said on Friday.The move comes as Bear Stearns looks to build up its Asia franchise, at a time when its U.S. business is trying to emerge from subprime mortgage exposure and a subsequent plunge in its share price.Yuen will join in May and report to John Moore, who was named Bear's Asia CEO in August. Yuen will assume the title of senior managing director and head of equity capital markets for Asia, according to company spokeswoman Jessie Hsieh.Yuen's background in equity capital markets shows that Bear is eager to seize a greater underwriting presence in the region, after 2007 saw a surge in Chinese IPOs.Bear's small presence in the region got a boost late last year when it signed a deal with China's Citic <600030.SS>Securities, the country's largest brokerage.Shares of CITIC and Bear Stearns have both fallen about 40 percent since October 22, when the two parties announced plans to invest $1 billion in each other and form a joint banking venture in Asia.Bear and CITIC have said they are renegotiating the terms of the tie-up after the drop in their share prices since the deal.Yuen had been with BNP Paribas and its predecessor, Peregrine Investment, for 14 years, responsible recently for the bank's ECM franchise in Asia, according to FinanceAsia, which reported the appointment.Bear Chief Executive Alan Schwartz on Wednesday dismissed recurring speculation that the investment bank faces a cash crunch, saying it has hefty cash reserves that have remained little changed this year.Bear's stock has plunged in recent weeks, and the cost of insuring its debt against defaults has spiked, as mortgage and credit markets continue a slump that began a year ago.(Reporting by Michael Flaherty; editing by Anne Marie Roantree)
(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
|
|
|
|
|
|
Related News
FDIC: 'Problem' banks at 16-year high in US
Washington - The number of US banks in danger of collapse has risen to the highest level in 16 years, a government regulator reported Tuesday in a sign that the country's worst financial crisis in decades is still lingering. The Federal Deposit Insur...
American shoppers lace up racing shoes for Black Friday
Los Angeles - Up to 134 million Americans are expected to splash out with their cash when the holiday shopping season kicks off on traditional Black Friday. The National Retail Federation Tuesday said it anticipated that the easing recession will sen...
US stocks edge lower on revised growth figures
New York - US stocks fell slightly on Tuesday as government figures showed that last quarter's economic rebound was smaller than initially thought. The Commerce Department in an updated estimate said the economy grew at an annual rate of 2.8 per cent...
US economic rebound smaller than thought; Fed optimistic - Summary
Washington - The US economy's rebound from a deep recession was smaller than initially thought, according to new government figures Tuesday, while the Federal Reserve said it expects the country's recovery to pick up...
EXTRA: US central bank issues rosier outlook on economy
Washington - The Federal Reserve Tuesday raised its growth forecasts for the US economy, but warned that unemployment in the United States will remain for some time at its highest levels in a generation. The US central bank projected the world's larg...
US levies first-ever fines on airlines who stranded passengers
Washington - Three US airlines were fined a total of 175,000 dollars on Tuesday for leaving passengers stranded nearly six hours on an aircraft, the first-ever such penalty imposed by the US government. Continental Airlines and ExpressJet Airlines we...
US economy grew 2.8 per cent in third quarter - Summary
Washington - The US economy grew at an annual rate of 2.8 per cent in the third quarter of this year, according to an updated government estimate Tuesday that confirmed the United States has likely emerged from its deepest recession in decades. But t...
|
|
|
|
|
|
|
|
