Bear Stearns president quits

The bank announced Spector's departure yesterday. Alan Schwartz, the other co-president and co-chief operating officer, will remain in position as president. Samuel Molinaro, the chief financial officer, will also take the post of chief operating officer. Jeffrey Mayer, co-head of fixed income, will replace Spector on the bank's executive committee.

Last month, Michael Fedak, the bank's head of interest rate and municipal derivatives, also resigned. In July, two Bear Stearns' hedge funds lost billions of dollars after a decline in US subprime mortgage quality led to margin calls.

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