Bear Stearns bids farewell to Cayne

James Cayne, chairman and chief executive of Bear Stearns, is the latest bank supremo to step down after the disclosure of large subprime-related losses. The firm’s president, Alan Schwartz, who has been with the firm since 1976, is expected to take his place as chief executive. Cayne will remain as non-executive chairman.

Bear Stearns’ reputation as a powerhouse among fixed-income dealers has been badly damaged as the value of its collateralised debt obligation and mortgage-backed securities

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