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TOP STORIESWere Bear Stearns bankers quite good after all?3 June 2008COMMENTSThe bottom line is people only worked at Bear Stearns if they weren't good enough quality for the better banks. Read all comments »SocGen’s pinched Michel Peretie, Merrill’s pinched Fares D. Noujaim, and at least two Bear bankers (Jeff Mayer and Craig Overlander) are sufficiently confident of their own desirability to turn down Jamie Dimon’s offer of employment. Could it be that Bear Stearns had some pretty good people on its books?
Off the record, one senior JPMorgan banker in Europe says there were a few, but that most of Bear’s talented staff have been targeted by other firms – despite Jamie Dimon’s call for rivals to leave them alone (except of course, those he didn’t want himself).
London headhunters say Bear’s business was good in patches. “They had a few good sector teams in healthcare and TMT,” says one advisory search consultant.
“There were pockets of good people in areas like structured credit, and people like Peretie were very high calibre,” says a fixed income headhunter.
Headhunters say the main thing Bear bankers bring to the table is a sense of entrepreneurialism born of Bear’s maverick culture. “A salesman who was making £10m at Bear Stearns could probably make £20m at JPMorgan,” says one. “These guys are used to making things happen themselves.”
Those qualities also mean Bear types may find the bureaucracy of JPMorgan too stifling for their taste. “You couldn’t get two banks that are more culturally distinct,” says one headhunter. “Given the market, people will stay at JPMorgan for a year and leave once their guaranteed bonuses have been paid out.”
COMMENTSkk, Capital Markets, Tue 03 Jun 08We don't want any more Bear people to send their CV's to the Commercial Bank of Ghana...thankyou. Add your comment »Louise, Equities, Tue 03 Jun 08As an ex Bear employee, as a grad from LSE I had offers from Goldmans and Merrill but chose Bear because they offered me real work unlike the secretarial type work that you are probably used to Henry!
David, Equities, Tue 03 Jun 08Who in their right mind would want to work for the Commercial Bank of Ghana?! Add your comment »anon, Derivatives, Tue 03 Jun 08I wish i could be as brilliant and as great as Henry. Wow - and a cambridge grad too. We should bring a stop to all this job market talk nonsense and just look on in wonderment at the achievements and word of Henry. My achievements to date, my whole life, pales into insignificance with the power and greatness of Henry (from previous postings on other efinancialcareers walls), a "Bulge Bracket", Bear hater, who seems to be an FX junior trader (though other posts indicate a VP - as he got promoted every year), like a brilliant vision of light. Add your comment »Suzy, Private Banking / Wealth Management, Tue 03 Jun 08Henry,
ghanaian, Student, Tue 03 Jun 08I dont even know how the ghana commercial bank even comes into this thread......but just to add my two pence worth: it is a fantastic place to work as it originates from the greatest place on earth: GHANA! Add your comment »Jacks, Asset Management, Wed 04 Jun 08Henry,
anon, Derivatives, Wed 04 Jun 08Henry - who gives a damn what tier your bank is in? All that matters is what you get paid. I've turned down jobs at the BBs before as they could not compete on pay.
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