New York (HedgeCo.Net) – Alan Schwartz, former Bear Stearns CEO, has decided to leave JPMorgan and pursue other ventures.
“With most of the work on the merger integration behind us, Alan will be moving on from the firm at the end of August to pursue other interests,” said JPMorgan CEO Jamie Dimon in a memo distributed internally.
Schwartz, 58, is expected to finish out the month of August at JPMorgan. The New York Post reported last month that Schwartz was presented several offers including one from private equity firm Kohlberg Kravis Roberts & Co. and others from hedge funds.
“Despite the extremely difficult circumstances that brought our firms together, Alan has been a terrific and constructive partner through the process,” Dimon added in the memo.
Schwartz took the leading role at Bear Stearns, replacing James Cayne. He was in office only three months before the shocking Federal Reserve-backed buyout that put 14,000 of his employees out of a job. Some suspected he was reluctant to align himself with JPMorgan after such a large number of his staff was laid off. Schwartz defended his company’s implosion, blaming the event on false market rumors of a liquidity crunch.
"I am very proud to have been a part of Bear Stearns,” Schwartz stated in the memo. "It was a special place I know many of us will miss.”
While an insider did confirm Schwartz’s exit plan, there is no word yet on what his severance will entail.
Senior Editor for HedgeCo.Net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. For more information, visit www.hedgeconetworks.com