New York (HedgeCo.Net) – Alan Schwartz may be having second thoughts about his new position at JPMorgan Chase, reports the New York Post. According to the paper, the former Bear Stearns CEO is contemplating JPMorgan’s offer for a non-executive vice chairman position.
It is still unclear as to why. Some believe Schwartz feels uneasy about the fact that over half of Bear’s employees are without a job, while some say that JPMorgan may not be aggressive enough in their pursuit, having Jimmy Lee already on the payroll.
According to a filing with the SEC, JPMorgan asserted that Schwartz, along with other fellow senior officials may eventually come on board with them. This included Bear CFO Sam Molinaro and Controller Jeffrey Farber.
Alan Schwartz was CEO of Bear Stearns for only three months before the fire sale to JPMorgan backed by the Federal Reserve. Prior to its demise, Schwartz ensured weary investors that Bear’s “liquidity cushion” could handle the losses that were rocking them.
Schwartz will supposedly reveal his decision once he sees how the bank performs post buyout. The Bear-JPMorgan deal was finalized on Friday.
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