Bear Stearns exodus continues
The hiring spree of senior Bear Stearns employees in the wake of the bank’s takeover by JP Morgan has continued as both Tudor Investment and Broadpoint Capital have hired Bear alumni to start new groups, and investment banks Moelis and Deutsche Bank have also announced hires.
At Tudor, Gregory Hanley and Alan Mintz, who were co-heads of the distressed debt group at Bear Stearns, will start a new investment management unit focused on credit-related strategies.
Hanley had also been co-head of the high-yield trading group at Bear.
Besides Hanley and Mintz, Mitchell Sussman, Eric Friel and Howard Norowitz will also be joining the new team from Bear.
At broker-dealer Broadpoint Capital, Richard Crescenzo and Douglas Scales have been made co-heads of Broadpoint's new investment grade sales department.
They will report to the head of Broadpoint’s debt capital markets, Joseph Mannello.
Crescenzo had previously been a senior managing director in Bear’s fixed-income division and Scales had been at Bear Stearns for eight years.
In addition, Robert Arslanian, Renee Rainero, Michael Leit and Meredith Stabile have also joined the same team from Bear.
Mannello said: "Doug, Rick and their team are a great addition to our existing group. We look forward to the team's efforts and believe they will all be instrumental in building our platform."
Boutique investment bank Moelis has hired Gregory Shaia, who at Bear Stearns was head of retail and apparel investment banking. At Moelis, Shaia will be in charge of coverage for the consumer and retail sector.
Finally, Deutsche Bank has announced that Thomas Widener, formerly global head of the power and utilities group at Bear Stearns, will now be vice chairman of the natural resources group in New York.
Other Bear Stearns bankers have been leaving to take senior jobs at rivals since its collapse. Bank of America, for instance, has hired six of them.
And Michel Pérétie, the former head of Bear Stearns international business, was last month hired by Société Générale to take over the investment banking division.
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