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BEAR STEARNS

© 2002 Vault Inc.


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EMPLOY
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VAULT EMPLOYER PROFILE:

BEAR STEARNS

BY THE STAFF OF VAULT

© 2002 Vault Inc.


Copyright © 2002 by Vault Inc. All rights reserved.

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Library of Congress CIP Data is available.

ISBN 1–58131–192–3

Printed in the United States of America


Bear Stearns

INTRODUCTION 1

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
Bear Stearns at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2

THE SCOOP 3

History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
League Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

ORGANIZATION 25

CEO’s Bio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25


Business Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25
Locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
Key Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28

VAULT NEWSWIRE 29

Select Recent Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32

OUR SURVEY SAYS 35

GETTING HIRED 39

Hiring Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39


Questions to Expect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41
Questions to Ask . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
To Apply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42

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CAREER
LIBRARY vii
ON THE JOB 43

Job Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43


A Day in the Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45
Career Path . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47

FINAL ANALYSIS 49

RECOMMENDED READING 51
Bear Stearns

Introduction
Overview
Bear Stearns & Co. is younger than many of its high-profile rivals, but the
firm’s reputation stands up to those of its competitors. Known as “Bear” to
Wall Street players, the venerable institution is one of the nation’s top
investment banking, securities trading and brokerage firms. With a gamut of
financial services available, Bear Stearns serves as financial advisor to many
of the nation’s major corporations, and its clearing operations are a top choice
of brokerage and other investment firms, including many of its own rivals.
With more than 75 continuous years of profitability under its belt, Bear
Stearns is one of Wall Street’s most influential firms and, according to
Institutional Investor magazine in April 2002, is the seventh largest securities
firm in terms of total capital.

The firm recently went through a changing of the guard. In June 2001, Alan
“Ace” Greenberg resigned as chairman after 52 years with the firm.
Greenberg earned a reputation as a cost-cutter, mainly because of his 1996
book, Memos from the Chairman, a collection of his witty memos to his staff.
Ace recommends reusing broken rubber bands (he suggest tying the ends
together) and conserving paperclips. Bear Stearns employees were even
encouraged to snitch on colleagues who weren’t as thrifty as Ace would have
liked. These extreme examples reveal a lean organization; Bear had
approximately 11,000 employees in 2001, nearly half competitor Goldman
Sachs and one-sixth that of Morgan Stanley. Don’t think Greenberg’s
departure means a new lavish culture. CEO James Cayne, who assumed the
role of chairman after Greenberg, indicated that management wouldn’t
change its ways. Whether professionals will still have to monitor paper clip
usage remains to be seen.

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Bear Stearns at a Glance

UPPERS
Headquarters
383 Madison Avenue • Responsibility for juniors
New York, NY 10179 • Top of the pay scale
Phone: (212) 272-2000
www.bearstearns.com DOWNERS
• Company strives to cut corners
DEPARTMENTS • Sink-or-swim culture not good for
Asset Management those who can’t swim
Custodial Trust
Derivatives
Equities THE BUZZ
Fixed Income WHAT EMPLOYEES AT OTHER FIRMS ARE SAYING
Global Clearing Services
Investment Banking • “Almost bulge bracket”
Merchant Banking • “Takeover target”
Private Client Services • “Strong firm with basic industry
focus”
• “Still macho”
THE STATS • “Honorable mention”
Chairman and CEO: James E. • “Rough and tumble trading culture”
“Jimmy” Cayne • “Old-school, prestigious”
Employer Type: Public Company • “Going no place fast”
Ticker Symbol: BSC (NYSE)
2001 Revenue: $8.7 billion
2001 Net Income: $619 million
No. of Employees: 10,452
No. of Offices: 22

KEY COMPETITORS
Deutsche Bank
J.P. Morgan Chase
Lehman Brothers
Merrill Lynch

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Bear Stearns

The Scoop
History

Humble beginnings
More than seven decades is a long time to go without an unprofitable year,
but Wall Street luminary Bear Stearns has accomplished just that. Since its
founding in 1923, the firm has never operated at a loss.

With about half a million dollars in capital among the three of them, Joseph
Bear, Robert Stearns and Harold Mayer started Bear Stearns at the beginning
of the Roaring Twenties. Founded as a partnership, the firm initially focused
on brokerage services, operating with a small staff out of a single office at 100
Broadway. Bear Stearns didn’t gain its iconic status immediately, though the
firm did get noticed early in its history. Six years after setting up shop, Bear
Stearns survived the stock market crash without laying off a single employee.
The next decade brought massive changes, both to the market and to Bear.
The rise of the age of government regulation, though, did not hamper Bear
Stearns’ growth as much as it did rivals like J.P. Morgan. Bear eventually
outgrew its office and moved into a much larger space at 1 Wall Street.

Through the 1930s and 1940s, the firm added some important businesses. In
1933 Bear Stearns established a department devoted to corporate bonds and,
in 1940, began trading municipal bonds. Early in the 1940s, it also put
together a utilities department that primarily dealt with the breakup of
massive utilities holding companies. A year later, Bear Stearns established its
investment banking division. In 1949 the company’s history quietly changed
as the legendary Alan “Ace” Greenberg came aboard.

Beyond Wall Street


Bear opened its first branch office in Chicago in 1940 but waited another
decade and a half before opening another. When it eventually decided to
open another office, it looked abroad, to the Netherlands, opening an office in
Amsterdam in 1955. During the 1950s and 1960s, the company would owe
much of its growth to the tough policies of Salim “Cy” Lewis – a stickler for
rules who also earned a reputation for hard drinking. Lewis’ reign was
marked by rapid expansion during which the firm opened offices in Geneva,
Paris, San Francisco and Los Angeles within a five-year span in the 1960s.

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The Scoop

By 1971 the firm had once again outgrown its headquarters. Bear Stearns
found new accommodations at 55 Water Street and quickly set up shop in its
180,000 square feet of space. As the new headquarters was opening, Bear
Stearns was expanding into other markets, opening offices in Dallas, Atlanta
and Boston. Setting its sights across the Atlantic, Bear Stearns opened a
London office in 1980. As the decade drew on, Bear increased its standing in
Latin America and has been one of the leading equity underwriters in the
region.

As the firm’s offices expanded, so did its services. In 1974 Bear added its
now-powerful clearing business (processing stock transactions for smaller
brokers) to its repertoire. Several years later it formed a high-yield bond
(junk bond) department, which also became one of the firm’s hallmarks.
Moreover, Bear Stearns was able to boost its image by being the only firm to
remain in the New York City bonds game during some of the city’s leanest
years. The firm also found profitability in its empty office space – freelance
brokers could rent out space from Bear for free, as long as they cleared trades
through the firm. Though stung by the death of Cy Lewis in 1978, Bear
Stearns rebounded with an even thriftier, harder dealing CEO in Greenberg.
The Oklahoma native would earn a reputation for his eccentricities – and be
credited as a genius for the success that Bear Stearns has since enjoyed.

Toward the 21st Century


In 1985 Bear Stearns took the important step of making a high-profile initial
public offering. The rest of the decade was marked by expansion into Japan,
increased work throughout the European market, and dealings with the likes
of the Federal National Mortgage Association (Fannie Mae). As the decade
closed, Bear Stearns moved its home base once again, taking up residence at
245 Park Avenue in midtown Manhattan.

The 1990s were not as welcoming to Bear Stearns (at least at first). Junk
bonds, in particular, proved a thorn in the side of the firm as it was
increasingly hit by lawsuits resulting from its underwriting activities. The
Bear took its worst hit in 1994 when the bond market collapsed. Suffering
lowered earnings and the exodus of several top-level bond traders, Bear
Stearns took longer to recover from the crash than did much of its
competition. Still, aside from expanding through offices in new global
markets, Bear Stearns earned industry distinction by picking up several high-
profile clients. In 1996 the company made history as it lead-managed
consecutive offerings for the big three of the automotive industry – Chrysler,
Ford and General Motors. Not satisfied with that entry in record books, Bear

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Bear Stearns
The Scoop

Stearns served as financial advisor in 1997 to NYNEX during its “merger-of-


equals” with Bell Atlantic.

In late 1999, Bear Stearns announced a change in its fiscal year-end from June
30 to November 30, lining up with other Wall Street firms such as Morgan
Stanley, Goldman Sachs and Lehman Brothers. Historically, with Bear’s
summer year-end, the firm paid bonuses to employees in August. This made
Bear’s workforce particularly vulnerable to competitors, who would try to
poach Bear bankers in the early fall. According to Investment Dealers’
Digest, Bear’s “oddball fiscal year and its all-cash compensation structure”
allowed Bear employees to “walk out the door with their full paychecks in
hand every August.” With the change, bankers were paid bonuses in January,
which is generally the practice at other firms.

Close, but no Cuban


One of the few companies in America that can boast of 76 consecutive
profitable years, Bear Stearns’ striking success is attributed in part by its
leaders and its commitment to a strategy of controlled growth with an eye
toward long-term results. But despite consistent returns – the firm has topped
18 percent in return on equity (a common yardstick for a well-performing I-
bank) for four straight years – Bear Stearns has not broken into Wall Street’s
upper I-banking echelon. Apart from businesses such as public finance
(underwriting and issuing municipal bonds), in which the firm ranks in the
middle of the top five consistently, and mortgage-backed securities, in which
it consistently ranks in the top three, Bear Stearns usually hovers around the
bottom of the top 10 in the league tables.

We’re still talking major bank


Nonetheless, Bear is still a major Wall Street player. In recent years, it has
been tapped for some of the world’s biggest deals. The firm advised
Starwood Lodging in its high-profile $13.7 billion acquisition of ITT (in
1997), Walt Disney in its $18.8 billion acquisition of Capital Cities/ABC (in
1996), and NYNEX in its $52 billion “merger of equals” with Bell Atlantic
(also in 1996).

Bear Stearns continues to be a prime M&A resource. In 2002 Bear Stearns


had its hand in one of the largest drug deals on the Street. In a transaction
announced in July, Bear co-advised Pfizer on its $59.5 billion acquisition of
Pharmacia. In 2001 Bear Stearns came in 10th in announced U.S. merger and
acquisition advisory, working on 89 deals worth $75.3 billion, according to

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Bear Stearns
The Scoop

Thomson Financial. Bear was an adviser to Hughes Electronics in its $29.1


billion merger with EchoStar Communications, announced in August 2001.
The firm also advised Amgen in its $16.5 billion purchase of Immunex,
announced in December 2001. In a deal announced the same day as the
Amgen/Immunex merger, Bear represented USA Networks in the sale of its
entertainment assets to Vivendi Universal for $11.3 billion.

Bear Stearns recently co-lead managed several equity deals, including three
big deals in June 2002: the $156 million IPO for Inveresk Research Group,
the $182 million IPO for CTI Molecular Imaging, and the $210 million IPO
for Pacer International. Bear Stearns also acted as co-lead manager for
Aeropstale’s $225 million IPO; Bear Stearns’s investment in and work on the
retailer’s IPO generated $260 million in net income, over half of Bear’s total
net income recorded in the second quarter 2002.

Bear Stearns has also relished the sweet taste of success in the fixed income
markets. The firm lead-managed the largest municipal bond issue ever – a
$3.5 million issue for the Long Island Power Authority in 1998. In 2001,
Bear placed fifth among all municipal issues, according to Thomson
Financial. And for the six months ended June 30, 2002, Bear placed third
among all muni bond issuers. Recent deals include lead managing a

$500 million issue for TSAC Corp. in July 2002, a $1.7 billion issue for
Badger Tobacco Asset in April 2002, and a $516 million issue for New York
State Environmental, also in April 2002.

In the corporate bond world, Bear Stearns has proven a heavy hitter, taking
the lead role in an $8.4 billion offering for Ford Motor Credit Company, and
a $1.36 billion offering for Lucent Technologies. More recently, Bear co-lead
managed a $174 million offering for AmeriCredit in June 2002, a $275
offering for Hollywood Entertainment in April 2002, and a $200 million
offering for Western Financial Bank, also in April 2002.

Size matters
Given the firm’s cost-conscious reputation, it’s no surprise that Bear Stearns
leans towards lean staffing. The firm has fewer total employees than
Salomon Smith Barney, Morgan Stanley and Merrill Lynch have brokers.
Bear Stearns avoided massive layoffs in 2001 when competitors like J.P.
Morgan Chase and Credit Suisse First Boston were eliminating staff. The
firm did cut approximately 800 people in early 2001, most from the
technology department.

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Bear Stearns
The Scoop

Clearing the way


Bear Stearns makes more than a third of its profits, and 30 percent of its
revenue, in its clearing business. Clearing firms basically do a lot of the
paperwork that goes along with brokering, typically for smaller firms. In
clearing, the firm is hired to execute trades, maintain client records, send out
trade confirmations and monthly statements, and settle transactions. Close to
2,900 clients employ Bear Stearns for clearing, and the department has
attracted rivals to the Bear’s services. Larger firms use Bear Stearns’ clearing
services as well; Lehman Brothers is one. While Wall Street firms use the
Bear for clearing, it is primarily smaller brokerages that use the firm’s
services, as the firm’s prestigious name on paperwork investors receive is
often a selling point.

For sale, if the price is right


While most of the financial services world is abuzz about consolidating and
merging, Bear Stearns has quietly been going it alone – and pulling in record
profits. Rumors have popped up occasionally over the last several years
pairing Bear with large commercial banks (Dutch giant ABN Amro is one
rumored suitor; more recently, The Bank of New York has been cited as a
Bear suitor.) Bear CEO James Cayne fueled merger rumors in July 2000,
telling a Salomon Smith Barney research analyst the firm would consider
selling for $120 per share – quite a premium, considering that the company’s
shares closed at under $50 the day the report came out. Cayne also said the
acquiring firm would have to be the right fit for Bear Stearns, allowing his
firm’s famous entrepreneurial culture room to breathe. Cayne’s high asking
price has some analysts doubting that the firm is serious about selling.
“Jimmy Cayne’s comment is fairly typical,” an anonymous analyst told the
New York Post. “It tells shareholders he would consider a sale, but it would
be very expensive.”

Specialist purchase
Bear took a step toward growing its business in February 2001 when it
announced plans to buy Wagner Stott Mercator, said to be the fifth-largest
specialist firm on the Big Board. (Specialist firms manage trades of specific
stocks, as well as the trades of certain firms.) The purchase is being made in
partnership with Hunter Partners, the seventh-ranked specialist firm. Bear
Stearns owns 49.8 percent of Wagner Stott; Hunter owns the remaining 50.2
percent. Taking less than half interest in the firm means Bear won’t have to
report Wagner liabilities on its balance sheet; Bear will have to report profit

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The Scoop

and losses on its income statement, though. Wagner Stott counts Citibank and
Merrill Lynch as its major clients, putting Bear Stearns in the unusual position
of being in charge of the orders of two competitors. The transaction closed
in April 2001.

Alan Greenberg: an “Ace” in the hole


With the odd business guidelines handed down to Bear Stearns employees
from the desk of former chairman Alan “Ace” Greenberg, people might think
that the investment-banking powerhouse is scraping for pennies. Greenberg
earned a national reputation for his humorous (and sometimes biting) memos,
which were collected into a book entitled Memos From the Chairman.
Greenberg’s memos have espoused the benefits of reusing rubber bands (if
they’re broken, simply tie the loose ends) and conserving paperclips. Ace
even encouraged employees to inform upon colleagues who might be
breaking one of the chairman’s rules (this included professionals at all levels).

In June 2001, Greenberg announced he was stepping aside as executive


chairman and handing the reins over to CEO James Cayne. (Greenberg stayed
on as chair of the executive committee, continuing a 52-year career with Bear
Stearns.) Unlike many sudden high-level departures, Greenberg’s seemed
truly amicable. Greenberg and Cayne had worked together for over 30 years,
making a power grab by the younger executive unlikely. “I haven’t had a
contentious moment with Alan in 32 years,” Cayne told BusinessWeek in July
2001. More importantly, Cayne denied Greenberg’s departure was part of a
restructuring designed to make Bear Stearns more attractive to potential
buyers. “[Am] I sprucing us up, going to market with a little apple in our
mouths? Nah,” Cayne said to BusinessWeek. “We don’t have the right to say
we’re not for sale because that’s absurd. But we feel there is a compelling
reason for a firm that’s independent like us to be in the marketplace and
remain independent.”

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Bear Stearns
The Scoop

League Tables
Global Debt & Equity Offerings:
Jan 1, 2001 – December 31, 2001

PROCEEDS MARKET # OF DISCLOSED


RANK ADVISER ($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 486.9 11.9 1,574 2,401.7
2 Merrill Lynch 432.7 10.6 2,012 1,940.9
3 CSFB 346.9 8.5 1,312 1,641.0
4 J.P. Morgan Chase 315.1 7.7 1,094 1,037.5
5 Goldman Sachs 302.5 7.4 795 2,111.1
6 Morgan Stanley 277.6 6.8 929 1,976.0
7 Lehman Brothers 260.6 6.4 861 972.7
8 UBS Warburg 252.8 6.2 949 888.2
9 Deutsche Bank 224.4 5.5 770 745.3

Source: Thomson Financial


10 BofA Securities 162.5 4.0 728 465.8
11 Bear Stearns 134.7 3.3 427 230.0
12 ABN Ambro 90.0 2.2 776 353.4
13 Barclays Capital 72.9 1.8 314 121.8
14 BNP Paribas 55.0 1.4 216 207.7
15 DK Wasserstein 53.1 1.3 272 251.2
INDUSTRY TOTAL 4,075.1 100.0 16,748 18,159.6

Global Debt & Equity Offerings:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 244.8 11.1 797 1,346.3
2 Merrill Lynch 197.0 9.0 811 753.4
3 J.P. Morgan Chase 183.2 8.3 627 690.1
4 CSFB 175.4 8.0 656 811.4
5 Goldman Sachs 152.5 6.9 534 688.1
6 Deutsche Bank 143.4 6.5 588 501.5
7 Lehman Brothers 143.0 6.5 438 446.1
8 Goldman Sachs 135.1 6.1 372 647.3
9 UBS Warburg 132.2 6.0 507 364.8
Source: Thomson Financial

10 BofA Securities 97.3 4.4 529 292.1


11 Bear Stearns 69.8 3.2 236 150.9
12 Barclays Capital 50.8 2.3 211 147.9
13 ABN Amro 46.2 2.1 295 125.8
14 Royal Bank of Scotland 33.5 1.5 115 39.5
15 HBSC Holdings 32.9 1.5 204 91.3
INDUSTRY TOTAL 2,199.0 100.0 8,234 8,745.2

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Global M&A Transactions (announced):


Jan 1, 2001 – December 31, 2001

RANK ADVISER RANK VALUE # OF DEALS


($BILLIONS)
1 Goldman Sachs 602.8 339
2 Merrill Lynch 477.0 255
3 Morgan Stanley 460.6 313
4 CSFB 395.3 455
5 J.P. Morgan Chase 388.4 403
6 Citigroup/Salomon SB 264.9 331
7 UBS Warburg 227.9 239
8 Deutsche Bank 224.1 253
9 Lehman Brothers 123.2 148

Source: Thomson Financial


10 Dresdner Kleinwort Wass. 120.7 89
11 Lazard 103.5 161
12 Rothschild 90.1 168
13 Bear Stearns 78.2 71
14 Quadrangle 72.5 2
15 CIBC World Markets 37.1 101
INDUSTRY TOTAL 1,751.9 28,885

Global M&A Transactions (announced):


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER RANK VALUE # OF DEALS


($BILLIONS)
1 CSFB 124.5 191
2 Goldman Sachs 110.9 123
3 Citigroup/Salomon SB 108.3 117
4 Morgan Stanley 95.9 132
5 J.P. Morgan Chase 94.2 155
6 UBS Warburg 93.5 109
7 Merrill Lynch 90.8 102
8 Deutsche Bank 75.2 80
9 Lehman Brothers 69.7 84
Source: Thomson Financial

10 Rothschild 68.5 76
11 Lazard 42.0 87
12 BNP Paribas 23.1 40
13 Cazenove 18.9 4
14 Dresdner Kleinwort Wass. 18.2 43
15 RBC Capital Markets 16.5 34
INDUSTRY TOTAL 590.3 11,585

CAREER
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Bear Stearns
The Scoop

Global Equity & Equity-related Issues:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Merrill Lynch 61.3 14.4 206 1,219.9
2 Citigroup/Salomon SB 60.9 14.3 129 1,576.8
3 Goldman Sachs 48.8 11.5 1,482 1,026.1
4 Morgan Stanley 45.4 10.7 98 1,083.8
5 CSFB 42.2 9.9 161 934.7
6 UBS Warburg 29.7 7.0 160 469.0
7 Lehman Brothers 18.4 4.3 66 418.0
8 Deutsche Bank 16.9 4.0 81 276.2
9 J.P. Morgan Chase 14.6 3.4 60 281.0

Source: Thomson Financial


10 Societe Generale 7.6 1.8 27 146.0
11 Nomura 6.1 1.4 82 215.2
12 BofA Securities 5.7 1.3 26 163.4
13 ABN Amro 4.8 1.1 47 70.7
14 BNP Paribas 4.8 1.1 25 51.7
15 Credit Agr. Indo-Laz Frere 4.5 1.1 7 80.0
INDUSTRY TOTAL 425.7 100.0 2,472 8,926.8

Global Equity & Equity-related Issues:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 31.2 15.5 118 802.4
2 Goldman Sachs 27.5 13.7 57 473.9
3 Merrill Lynch 24.5 12.2 81 524.4
4 CSFB 16.6 8.2 84 489.6
5 Morgan Stanley 12.6 6.3 45 337.3
6 Deutsche Bank 12.2 6.0 50 147.5
7 J.P. Morgan Chase 11.2 5.6 48 221.6
8 UBS Warburg 9.0 4.5 72 151.3
9 Lehman Brothers 7.0 3.5 34 206.8
Source: Thomson Financial

10 Societe Generale 4.3 2.1 18 45.6


11 Cazenove 3.7 1.8 16 24.7
12 BofA Securities 3.3 1.6 18 82.1
13 BNP Paribas 3.2 1.6 12 26.2
14 Nomura 2.8 1.4 34 89.3
15 Bear Stearns 2.2 1.1 22 99.7
INDUSTRY TOTAL 201.1 100.0 1,180 4,218.2

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CAREER
LIBRARY 11
Bear Stearns
The Scoop

Global Debt (Including MBS, ABS & Tax Munis):


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 429.3 11.9 1,345 1,157.5
2 Merrill Lynch 367.4 10.2 1,778 640.5
3 CSFB 303.7 8.4 1,130 696.1
4 J.P. Morgan Chase 299.2 8.3 1,026 725.6
5 Goldman Sachs 238.7 6.6 649 445.4
6 Lehman Brothers 237.9 6.6 756 456.9
7 Morgan Stanley 255.7 7.1 796 730.4
8 UBS Warburg 220.8 6.1 773 372.0
9 Deutsche Bank 206.8 5.7 680 461.5

Source: Thomson Financial


10 BofA Securities 156.2 4.3 700 302.4
11 Bear Stearns 130.7 3.6 402 116.4
12 ABN Ambro 83.0 2.3 723 240.2
13 Barclays Capital 72.3 2.0 312 206.1
14 BNP Paribas 49.8 1.4 189 149.4
15 DK Wasserstein 49.2 1.4 259 168.9
INDUSTRY TOTAL 3,609.7 100.0 14,033 8,372.6

Global Debt (Including MBS, ABS & Tax Munis):


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 213.6 10.7 679 543.9
2 Merrill Lynch 172.5 8.6 730 228.9
3 J.P. Morgan Chase 172.1 8.6 579 468.5
4 CSFB 158.8 8.0 572 321.7
5 Goldman Sachs 139.9 7.0 489 350.7
6 Lehman Brothers 136.0 6.8 404 239.3
7 Deutsche Bank 131.2 6.6 538 354.0
8 UBS Warburg 123.3 6.2 435 213.5
9 Goldman Sachs 107.6 5.4 315 173.5
Source: Thomson Financial

10 BofA Securities 93.9 4.7 511 210.0


11 Bear Stearns 67.6 3.4 214 51.2
12 Barclays Capital 50.8 2.5 211 147.9
13 ABN Amro 44.7 2.2 279 120.6
14 Royal Bank of Scotland 33.5 1.7 115 39.5
15 HBSC Holdings 31.2 1.6 196 72.0
INDUSTRY TOTAL 1,997.9 100.0 7,054 4,536.0

CAREER
12 LIBRARY © 2002 Vault Inc.
Bear Stearns
The Scoop

U.S. Debt & Equity Offerings:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 394.5 13.7 1,277 1,807.4
2 Merrill Lynch 350.0 12.2 1,741 1,399.8
3 CSFB 278.7 9.7 1,029 1,178.1
4 J.P. Morgan Chase 248.0 8.6 869 782.1
5 Goldman Sachs 244.1 8.5 624 1,737.2
6 Lehman Brothers 232.0 8.1 758 809.5
7 Morgan Stanley 189.7 6.6 644 1,463.1
8 UBS Warburg 180.8 6.3 595 462.8
9 BofA Securities 160.2 5.6 715 458.4

Source: Thomson Financial


10 Deutsche Bank 133.4 4.6 404 314.5
11 Bear Stearns 132.3 4.6 420 219.2
12 ABN Ambro 38.5 1.3 539 104.7
13 Royal Bank of Scotland 36.0 1.2 116 9.3
14 Countrywide Securities 26.0 0.9 457 40.6
15 Wachovia 23.8 0.8 161 31.1
INDUSTRY TOTAL 2,880.1 100.0 12,269 11,437.2

U.S. Debt & Equity Offerings:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 195.8 12.7 635 1,042.0
2 Merrill Lynch 169.1 11.0 706 6,006.3
3 J.P. Morgan Chase 148.5 9.7 504 536.1
4 CSFB 145.0 9.4 513 605.8
5 Lehman Brothers 126.8 8.3 368 396.1
6 Morgan Stanley 118.6 7.7 397 574.0
7 Goldman Sachs 103.9 6.8 288 504.0
8 UBS Warburg 94.5 6.1 343 221.6
9 BofA Securities 93.9 6.1 518 279.9
Source: Thomson Financial

10 Deutsche Bank 82.7 5.4 308 283.4


11 Bear Stearns 69.2 4.5 234 145.9
12 Royal Bank of Scotland 25.8 1.7 85 6.1
13 Countrywide Securities 18.1 1.2 198 6.3
14 Bank One 16.8 1.1 93 36.1
15 Wachovia 15.0 1.0 119 26.3
INDUSTRY TOTAL 1,537.4 100.0 5,796 5,720.4

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LIBRARY 13
Bear Stearns
The Scoop

U.S. M&A Transactions (announced with U.S. targets):


Jan 1, 2001 – December 31, 2001

RANK ADVISER RANK VALUE # OF DEALS


($BILLIONS)
1 Goldman Sachs 410.3 167
2 Merrill Lynch 289.2 112
3 Morgan Stanley 285.0 138
4 CSFB 272.6 199
5 J.P. Morgan Chase 234.1 149
6 Citigroup/Salomon SB 144.2 112
7 Deutsche Bank 118.4 62
8 Lehman Brothers 87.3 86
9 UBS Warburg 81.3 66

Source: Thomson Financial


10 Bear Stearns 75.3 60
11 Quadrangle 72.5 2
12 Lazard 32.0 37
13 Dresdner Kleinwort Wass. 24.5 30
14 BofA Securities 23.5 57
15 Greenhill 20.4 11
INDUSTRY TOTAL 825.7 7,533

U.S. M&A Transactions (announced with U.S. targets):


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER RANK VALUE # OF DEALS


($BILLIONS)
1 CSFB 56.9 105
2 Goldman Sachs 52.9 47
3 Citigroup/Salomon SB 44.3 39
4 J.P. Morgan Chase 39.6 49
5 Morgan Stanley 39.3 50
6 UBS Warburg 32.7 42
7 Merrill Lynch 19.7 42
8 Lehman Brothers 18.2 35
9 Deutsche Bank 15.1 26
Source: Thomson Financial

10 BofA Securities 13.6 37


11 Lazard 9.0 23
12 Bear Stearns 8.0 16
13 Dresdner Kleinwort Wass. 7.3 11
14 Rothschild 6.4 9
15 ABN Amro 5.5 4
INDUSTRY TOTAL 206.5 3,242

CAREER
14 LIBRARY © 2002 Vault Inc.
Bear Stearns
The Scoop

U.S. Equity & Equity-related Issues:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Goldman Sachs 43.6 19.1 94 1,331.4
2 Merrill Lynch 39.9 17.4 157 863.1
3 Citigroup/Salomon SB 31.3 13.7 108 668.4
4 CSFB 29.7 13.0 120 724.6
5 Morgan Stanley 28.7 12.5 70 791.8
6 Lehman Brothers 13.7 6.0 51 333.0
7 UBS Warburg 10.4 4.5 63 273.7
8 J.P. Morgan Chase 9.6 4.2 42 206.1
9 BofA Securities 5.7 2.5 25 162.5

Source: Thomson Financial


10 Deutsche Bank 4.6 2.0 36 100.2
11 Bear Stearns 2.7 1.2 17 94.0
12 FleetBoston Financial 1.0 0.4 8 20.0
13 CIBC World Markets 1.4 0.6 12 39.4
14 ABN Amro 0.9 0.4 6 23.0
15 Friedman Billings Group 0.7 0.3 14 38.8
INDUSTRY TOTAL 228.9 100.0 769 5,893.9

U.S. Equity & Equity-related Issues:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 21.1 18.7 73 611.3
2 Merrill Lynch 20.2 17.9 66 435.3
3 Goldman Sachs 16.2 14.3 39 381.2
4 CSFB 13.4 11.9 68 432.8
5 Morgan Stanley 9.4 8.4 31 287.7
6 J.P. Morgan Chase 7.7 6.8 36 162.3
7 Lehman Brothers 5.5 4.8 32 190.8
8 UBS Warburg 3.6 3.2 46 120.0
9 Deutsche Bank 3.4 3.0 25 96.1
Source: Thomson Financial

10 BofA Securities 3.3 2.9 18 81.8


11 Bear Stearns 2.2 2.0 22 99.1
12 Friedman Billings Group 1.0 0.9 13 51.5
13 CIBC World Markets 0.5 0.4 9 19.7
14 RBC Capital Markets 0.5 0.4 2 17.6
15 Thomas Weisel 0.5 0.4 4 23.5
INDUSTRY TOTAL 112.8 100.0 460 3,183.6

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LIBRARY 15
Bear Stearns
The Scoop

U.S. Initial Public Offerings 2001:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Goldman Sachs 11,915.6 32.1 18 517.4
2 Merrill Lynch 8,511.8 22.9 12 333.1
3 Citigroup/Salomon SB 5,510.3 14.9 15 197.3
4 CSFB 4,457.1 12.0 8 140.9
5 Morgan Stanley 1,470.1 4.0 10 83.3
6 Lehman Brothers 1,427.0 3.8 14 67.3
7 UBS Warburg 695.2 1.9 7 30.8
8 J.P. Morgan Chase 561.2 1.5 4 33.1
9 BofA Securities 529.1 1.4 8 29.9

Source: Thomson Financial


10 Deutsche Bank 426.2 1.1 4 27.8
11 Bear Stearns 332.0 0.9 3 21.4
12 FleetBoston Financial 179.4 0.5 1 10.9
13 CIBC World Markets 162.3 0.4 2 10.9
14 ABN Amro 135.7 0.4 1 4.1
15 Friedman Billings Group 124.0 0.3 2 8.1
INDUSTRY TOTAL 37,095.4 100.0 106 1,556.8

U.S. Initial Public Offerings:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 5,979.6 37.5 7 244.8
2 CSFB 2,508.9 15.7 11 119.6
3 Merrill Lynch 2,238.6 14.0 8 99.8
4 Morgan Stanley 1,497.4 9.4 5 76.6
5 Deutsche Bank 693.1 4.3 4 33.5
6 Goldman Sachs 691.9 4.3 4 45.6
7 UBS Warburg 554.7 3.5 5 34.7
8 Lehman Brothers 537.8 3.4 6 33.4
9 Bear Stearns 384.2 2.4 4 24.1
Source: Thomson Financial

10 Cazenove 121.5 0.8 2 3.7


11 Jefferies 115.2 0.7 1 8.1
12 US Bancorp 103.5 0.6 1 6.3
13 J.P. Morga Chase 85.5 0.5 1 2.6
14 Legg Mason 85.0 0.5 1 6.0
15 ING 78.6 0.5 1 3.4
INDUSTRY TOTAL 15,954.6 100.0 55 756.4

CAREER
16 LIBRARY © 2002 Vault Inc.
Bear Stearns
The Scoop

U.S. Debt (Including MBS, ABS & Tax Munis):


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 355.1 13.6 1,124 926.9
2 Merrill Lynch 306.4 11.7 1,558 462.8
3 CSFB 248.4 9.5 888 446.9
4 J.P. Morgan Chase 238.0 9.1 822 565.1
5 Lehman Brothers 214.6 8.2 669 381.1
6 Goldman Sachs 198.1 7.6 513 330.4
7 UBS Warburg 168.3 6.4 516 142.4
8 Morgan Stanley 154.6 5.9 539 509.6
9 BofA Securities 153.9 5.9 688 295.8

Source: Thomson Financial


10 Deutsche Bank 128.6 4.9 363 213.3
11 Bear Stearns 128.5 4.9 396 111.2
12 ABN Amro 37.8 1.4 533 81.7
13 Royal Bank of Scotland 36.0 1.4 116 9.3
14 Countrywide Securities 26.0 1.0 457 40.6
15 Wachovia 23.0 0.9 150 16.6
INDUSTRY TOTAL 2,618.0 100.0 11,271 4,801.7

U.S. Debt (Including MBS, ABS & Tax Munis):


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 174.7 12.3 561 430.7
2 Merrill Lynch 148.8 10.4 640 171.0
3 J.P. Morgan Chase 140.8 9.9 468 373.8
4 CSFB 131.6 9.2 445 172.9
5 Lehman Brothers 121.4 8.5 336 205.3
6 Morgan Stanley 109.1 7.7 366 286.3
7 UBS Warburg 90.9 6.4 296 101.6
8 BofA Securities 90.5 6.4 500 198.2
9 Goldman Sachs 87.7 6.2 249 123.0
Source: Thomson Financial

10 Deutsche Bank 79.3 5.6 283 187.3


11 Bear Stearns 67.0 4.7 212 46.9
12 Royal Bank of Scotland 25.8 1.8 85 6.1
13 Countrywide Securities 18.1 1.3 198 6.3
14 Bank One 16.8 1.2 93 36.1
15 Wachovia 14.7 1.0 113 13.9
INDUSTRY TOTAL 1,424.6 100.0 5,335 2,536.8

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CAREER
LIBRARY 17
Bear Stearns
The Scoop

U.S. High Yield Debt:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 CSFB 12,811.7 386,103.9 60 62.3
2 Citigroup/Salomon SB 9,664.7 291,263.3 39 86.4
3 Goldman Sachs 9,312.8 280,658.2 36 34.6
4 J.P. Morgan Chase 8,069.9 243,201.1 48 23.6
5 BofA Securities 7,363.0 221,897.4 345 43.9
6 Morgan Stanley 6,014.6 181,260.9 18 63.5
7 Deutsche Bank 5,394.6 162,576.1 31 14.1
8 Lehman Brothers 5,097.5 153,622.4 25 22.7
9 Merrill Lynch 4,753.2 143,246.3 22 38.6

Source: Thomson Financial


10 UBS Warburg 2,902.4 87,469.1 18 8.4
11 Bear Stearns 2,646.4 79,754.1 17 10.7
12 Jeffereies 661.8 19,944.5 5 0.0
13 Wachovia 476.6 14,363.2 4 0.0
14 TD Securities 348.0 10,487.6 3 0.0
15 CIBC World Markets 332.5 10,020.5 3 5.3
INDUSTRY TOTAL 76,319.2 100.0 261 414.7

U.S. High Yield Debt:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 CSFB 7,003.7 18.1 46 15.5
2 Citigroup/Salomon SB 4,342.3 11.2 26 29.7
3 BofA Securities 3,767.7 9.8 26 2.9
4 Deutsche Bank 3,609.3 9.3 22 8.3
5 Lehman Brothers 3,523.1 9.1 18 41.3
6 J.P. Morgan Chase 3,507.4 9.1 24 17.9
7 Goldman Sachs 3,158.9 8.2 9 17.5
8 UBS Warburg 2,400.7 6.2 14 2.5
9 Morgan Stanaley 2,297.0 5.9 12 5.4
Source: Thomson Financial

10 Merrill Lynch 986.4 2.6 6 0.0


11 Bear Stearns 887.0 2.3 9 4.3
12 CIBC World Markets 531.4 1.4 6 2.0
13 Dresdner KW 519.8 1.3 4 2.1
14 Wachovia 505.6 1.3 6 0.0
15 Jefferies 335.3 0.9 2 0.4
INDUSTRY TOTAL 38,641.4 100 164 163.5

CAREER
18 LIBRARY © 2002 Vault Inc.
Bear Stearns
The Scoop

U.S. Investment Grade Debt:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 140.1 21.9 321 657.8
2 J.P. Morgan Chase 94.2 14.8 286 383.9
3 Lehman Brothers 66.0 10.3 164 219.2
4 Merrill Lynch 59.6 9.3 206 287.9
5 Morgan Stanley 5.8 0.9 129 297.3
6 CSFB 51.1 8.0 138 255.3
7 Goldman Sachs 46.6 7.3 111 212.7
8 BofA Securities 43.6 6.8 148 199.6
9 UBS Warburg 20.1 3.1 66 82.4

Source: Thomson Financial


10 Deutsche Bank 16.3 2.6 50 64.4
11 Bear Stearns 12.2 1.9 35 50.3
12 Bnak One 7.0 1.1 36 23.8
13 Barclays Capital 5.5 0.9 21 21.3
14 ABN Amro 3.6 0.6 23 12.5
15 BNP Paribas 3.0 0.5 6 13.9
INDUSTRY TOTAL 638.5 100.0 1,189 2,825.1

U.S. Investment Grade Debt:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 78.4 21.9 242 323.6
2 J.P. Morgan Chase 59.9 16.7 227 252.4
3 Lehman Brothers 39.5 11.0 97 118.6
4 BofA Securities 32.1 9.0 292 168.9
5 Morgan Stanley 31.4 8.8 73 183.3
6 Merril Lynch 25.9 7.2 112 99.7
7 CSFB 23.5 6.6 80 104.7
8 Deutsche Bank 20.3 5.7 70 73.5
9 Goldman Sachs 11.6 3.2 44 47.3
Source: Thomson Financial

10 UBS Warburg 9.7 2.7 38 62.7


11 Bank One 5.2 1.4 28 20.6
12 Barclays Capital 4.0 1.1 21 18.8
13 Wachovia 3.6 1.0 23 9.8
14 Bear Stearns 3.1 0.9 11 9.7
15 In Capital 1.9 0.5 182 26.4
INDUSTRY TOTAL 357.7 100.0 1,059 1,552.3

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CAREER
LIBRARY 19
Bear Stearns
The Scoop

All Municipal Bond Issues:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF ISSUES


($BILLIONS) SHARE (%)
1 Salomon Smith Barney 39.6 14.0 111
2 UBS PaineWebber 33.6 11.8 62
3 Merrill Lynch 19.6 6.9 108
4 Morgan Stanley 19.1 6.8 119
5 Bear Stearns 17.5 6.2 107
6 Goldman Sachs 16.5 5.8 73
7 Lehman Brothers 16.3 5.7 67
8 J.P. Morgan Securities 10.0 3.5 44
9 BofA Securities 6.4 2.3 54

Source: Thomson Financial


10 Piper Jaffray 6.3 2.2 47
11 A.G. Edwards 6.2 2.2 36
12 RBC Dain Rauscher 5.7 2.0 22
13 Morgan Keenan 5.1 1.8 18
14 George K. Baum 4.4 1.5 8
15 Bank One 3.4 1.2 11
INDUSTRY TOTAL 283.5 100.0 13,235

All Municipal Bond Issues:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF ISSUES


($BILLIONS) SHARE (%)
1 Salomon Smith Barney 23.5 14.6 330
2 UBS PaineWebber 23.5 14.6 446
3 Bear Stearns 11.6 7.2 85
4 Lehman Brothers 11.5 7.2 133
5 Merrill Lynch 11.5 7.2 136
6 Goldman Sachs 9.4 5.8 91
7 Morgan Stanley 8.4 5.2 184
8 J.P. Morgan Securities 5.5 3.4 85
9 RBC Dain Rauscher 4.3 2.7 276
Source: Thomson Financial

10 BofA Securities 3.3 2.0 147


11 Piper Jaffray 3.1 2.0 272
12 RBC Dain Rauscher 3.0 1.9 143
13 Morgan Keenan 2.9 1.8 68
14 George K. Baum 2.7 1.7 228
15 Bank One 1.8 1.1 69
INDUSTRY TOTAL 160.8 100.0 6,555

CAREER
20 LIBRARY © 2002 Vault Inc.
Bear Stearns
The Scoop

U.S. Asset-Backed Securities:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 Citigroup/Salomon SB 49.2 1,440.6 88 91.2
2 CSFB 48.8 1,427.8 130 72.7
3 J.P. Morgan Chase 43.4 1,270.6 70 64.0
4 Deutsche Bank 34.6 1,013.0 77 78.7
5 Lehman Brothers 30.7 897.2 82 60.9
6 BofA Securities 23.5 687.6 59 44.5
7 Bear Stearns 20.5 599.9 55 8.5
8 Morgan Stanley 17.8 521.9 48 35.2
9 Merill Lynch 15.4 451.7 46 19.0

Source: Thomson Financial


10 Wachovia 13.2 387.6 37 5.1
11 Royal Bank of Scotland 12.1 355.1 30 5.0
12 Bnak One 10.2 297.5 25 17.5
13 Countrywide Securities 8.6 252.2 19 9.6
14 Goldman Sachs 6.9 202.6 23 6.4
15 UBS Warburg 3.3 97.1 19 2.8
INDUSTRY TOTAL 349.1 100.0 785 529.6

U.S. Asset-Backed Securities:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 J.P. Morgan Chase 27.6 12.4 41 37.9
2 CSFB 25.3 11.3 76 23.0
3 BofA Securities 24.6 11.0 49 24.0
4 Deutsche Bank 24.0 10.7 47 55.5
5 Citigroup/Salomon SB 23.7 10.6 46 26.6
6 Morgan Stanley 16.3 7.3 38 6.4
7 Lehman Brothers 16.0 7.2 54 23.7
8 Bear Stearns 10.6 4.7 34 4.9
9 Merill Lynch 8.9 4.0 13 15.2
Source: Thomson Financial

10 Wachovia 8.8 4.0 23 15.0


11 Royal Bank of Scotland 8.7 3.9 16 14.5
12 Bnak One 7.9 3.6 17 1.8
13 Countrywide Securities 6.0 2.7 21 3.0
14 Goldman Sachs 4.7 2.1 12 1.7
15 UBS Warburg 3.1 1.4 5 3.4
INDUSTRY TOTAL 223.1 100.0 453 260.7

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CAREER
LIBRARY 21
Bear Stearns
The Scoop

U.S. Mortgage-Backed Securities:


Jan 1, 2001 – December 31, 2001

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 UBS Warburg 86.1 14.7 111 0.0
2 Goldman Sachs 82.3 14.0 62 0.0
3 Bear Stearns 72.5 12.4 108 1.3
4 CSFB 67.1 11.4 119 0.0
5 Lehman Brothers 61.5 10.5 107 1.5
6 Citigroup/Salomon SB 58.1 9.9 73 0.0
7 BofA Securities 36.7 6.3 67 0.9
8 Royal Bank of Scotland 21.7 3.7 44 1.8
9 J.P. Morgan Chase 20.8 3.6 54 0.0

Source: Thomson Financial


10 Merrill Lynch 19.6 3.3 47 0.5
11 Countrywide Securities 8.7 1.5 36 0.6
12 Morgan Stanley 8.0 1.4 22 3.2
13 Deutsche Bank 6.2 1.1 18 11.8
14 Securities Sales & Trading 5.3 0.9 8 0.0
15 Wachovia 3.4 0.6 11 0.0
INDUSTRY TOTAL 586.1 100.0 838 21.5

U.S. Mortgage-Backed Securities:


Jan 1, 2002 – Jun 30, 2002

RANK ADVISER PROCEEDS MARKET # OF DISCLOSED


($BILLIONS) SHARE (%) ISSUES FEES ($MILLIONS)
1 UBS Warburg 52.4 15.9 47 0.0
2 CSFB 45.7 13.8 62 0.0
3 Bear Stearns 39.6 12.0 66 0.0
4 Lehman Brothers 38.3 11.6 70 0.0
5 Goldman Sachs 36.1 10.9 39 0.0
6 Citigroup/Salomon SB 25.5 7.7 31 0.0
7 BofA Securities 19.0 5.8 37 0.5
8 Royal Bank of Scotland 18.6 5.6 28 0.5
9 Merrill Lynch 15.0 4.5 28 0.0
Source: Thomson Financial

10 J.P. Morgan Chase 13.6 4.1 26 0.0


11 Countrywide Securities 6.5 2.0 35 0.0
12 Securities Sales & Trading 4.1 1.3 5 0.0
13 Morgan Stanley 3.1 0.9 9 0.0
14 Nomura 2.7 0.8 8 0.0
15 Deutsche Bank 2.4 0.7 9 0.0
INDUSTRY TOTAL 330.2 100.0 470 1.6

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Bear Stearns
The Scoop

Compensation

Pay
Analyst: 1st year: $55,000 (annual salary) + $9,000 signing bonus + $25,000
to $35,000 year-end bonus

Associate: 1st year: $80,000 (annual salary) + $25,000 signing bonus +


$30,000 bonus after the first six months

Perks
• 3 weeks vacation for associate level and up (less time for more junior
employees)
• Free tickets to sporting and cultural events
• Free meals
• Travel opportunities

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Bear Stearns

Organization
CEO’s Bio
In addition to his skills as a manager, CEO James Cayne is quite a golfer and
card player. A few years ago, Golf Digest ranked Cayne 34th on its list of the
top 110 CEO golfers. At the time, Cayne had a 12 handicap. More
impressive, Cayne has won 13 U.S. championships in bridge. He’s
considered such an expert in the card game that he currently co-pens a column
on the subject for the daily New York Sun.

The 68 year-old Cayne, who never went to college (yeah, that’s right), began
his career as a scrap metal salesman in Chicago. But in 1969 former Bear
chairman Alan “Ace” Greenberg, also a formidable bridge player, hired
Cayne at Bear Stearns. During the following two decades, Cayne stayed loyal
to Greenberg, remaining at Bear while many stars in the industry jumped
from firm to firm for big paydays. Cayne’s loyalty paid off. When Bear went
public in 1993, Cayne was tapped to become the firm’s president and CEO.
And less than 10 years later, in June 2001, when a 73 year-old Greenberg
decided to step down as Bear’s chairman board (and fully relinquish control
of the daily operations of the bank), he named James Cayne as his successor.
Because Cayne and Greenberg are such close friends – they play bridge
together and even carpool to work from their homes on Manhattan’s Upper
East Side – it’s a good bet that the transition from a Bear run by “Ace” to a
Bear run by Cayne will be a smooth one.

Business Units
Bear Stearns divides its operations into three major segments: Capital
Markets, Wealth Management and Global Clearing Services. Additionally,
the firm makes markets for clients in derivatives such as swaps, options and
exotic options on a wide range of securities’ sectors, including fixed income,
equity, credit, mortgage, tax-exempt and foreign exchange.

Capital Markets

Investment Banking
Bear Stearns offers M&A advisory services and capital raising abilities. The
firm’s I-banking arm includes divisions dedicated to capital markets,
corporate finance, financial restructuring, M&A and public finance. Industry

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Bear Stearns
Organization

focus groups include: consumer, financial buyers and institutions, health care,
industrial products, media, natural resources, real estate, gaming lodging and
leisure, technology and telecommunications.

Institutional Equities
Bear Stearns makes markets in 50 equity markets, and consistently represents
about 10 percent of the volume on the New York Stock Exchange and 30
percent of the short-selling activity. In research, the firm claims it covers
approximately 1,250 companies in 100 industries.

Fixed Income
The firm offers liquidity for investors and distribution power for issuers in
fixed income markets, with one of the largest sales and trading staffs in the
industry.

Wealth Management

Private Client Services


This group works with small institutions and wealthy individuals. Bear has
about 450 account executives in the U.S. and Hong Kong, who are hard at
work building long-term relationships with their high-net-worth clients.

Asset Management
Asset management includes portfolio management and mutual funds. The
firm had more than $24 billion in assets under management as of November
2001. The unit provides asset management services to corporations,
governments, multi-employer plans, foundations, endowments, family
groups and high-net-worth individuals.

Global Clearing Services


Bear’s correspondent clearing services (processing stock transactions,
including handling bookkeeping matters for brokerages) fall under a
subsidiary called Bear, Stearns Securities Corp (BSSC). Serving more than
2,900 clients, including hedge funds and clients of money managers, short
sellers, arbitrageurs and other professional investors, the firm processes about
10 percent of the volume cleared on the New York Stock Exchange and clears
securities in 73 countries.

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Bear Stearns
Organization

Locations

Domestic
• New York, NY (HQ)
• Atlanta, GA
• Boston, MA
• Chicago, IL
• Dallas, TX
• Los Angeles, CA
• San Francisco, CA

International
• Beijing, China
• Buenos Aires, Argentina
• Dublin, Ireland
• Hong Kong
• London, United Kingdom
• Lugano, Switzerland
• Puerto Rico
• Sao Paulo, Brazil
• Shanghai, China
• Singapore
• Tokyo, Japan

Key Officers
Chairman and CEO: James E. Cayne
Vice Chairman: E. John Rosenwald Jr.
Vice Chairman: Michael L. Tarnopol
Chairman of the Executive Committee: Alan “Ace” Greenberg
President and Co-Chief Operating Officer: Alan D. Schwartz
President and Co-Chief Operating Officer: Warren J. Spector

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Bear Stearns
Organization

Chief Financial Officer and Senior Vice President, Finance:


Samuel L. Molinaro, Jr.
Executive Vice President and General Counsel: Mark E. Lehman
Treasurer: Michael Minikes

Ownership
Employees own approximately 40 percent of the common stock of Bear
Stearns, which is traded publicly on the New York Stock Exchange under the
symbol BSC.

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Bear Stearns

Vault Newswire
June 2002: Casual clothes a boon for Bear
Bear Stearns reported that net income more than doubled in the second
quarter, thanks in large part to its work on clothing retailer Aeropostale’s IPO
and the strength of Bear’s fixed income unit. Bear booked net income of
$343 million for the period ended May 31, compared with $170 million a year
earlier. Net revenue at its capital-markets division, which includes its
institutional-equities, fixed-income and investment-banking operations,
increased 30 percent to $1.3 billion.

March 2002: First quarter score


Bear Stearns reported first quarter 2002 net income of $181 million, up from
$160 million during the same period a year earlier. Bear’s bond trading
increased 61 percent, and net investment banking revenue rose 18 percent.
However, Bear’s institutional equities, global clearing services and wealth
management business all were down from a year earlier.

February 2002: Writing’s on the wall for Bear’s


invisible ink woman
A former secretary at Bear Stearns pleaded guilty to charges of using
disappearing ink to swindle her boss out of over $800,000. Anamarie
Giambrone, 34 years old, of Queens, N.Y., used fast-fading ink to write
checks that her manager, Eli Wachtel, a senior managing director at Bear
Stearns, had requested. After Wachtel signed the checks, she would erase the
name of the payee and rewrite the checks for cash. Giambrone faces a
sentence of two to six years in prison.

January 2002: Bear loses its appeal


A federal judge rejected Bear Stearns’ appeal of a previous decision ordering
the firm to pay $1 million in punitive damages to two customers of now-
defunct A.R. Baron, which closed its doors in 1996 after it was accused of
cheating investors out of $75 million. In August 2001, an arbitration panel
said Bear Stearns was “aware of Baron fraud and took numerous actions to
involve itself in Baron’s business and financial affairs and assist Baron, above
and beyond those involved in a normal back-office clearing operation.”

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Bear Stearns
Vault Newswire

January 2002: Bear’s top ten hits


Bear Stearns ranked atop several 2001 underwriting league tables, including
mortgage-backed securities (No. 3), municipal bond issues (No. 5) and asset-
backed securities (No. 7). On the 2001 U.S. M&A league table, Bear took the
number 10 spot.

December 2001: New tech blood


Barry Newman joined Bear Stearns as a senior managing director and vice
chairman of its technology investment-banking group. Newman had worked
in the tech group at Banc of America Securities until that firm reshuffled its
tech group in March 2001.

December 2001: Better luck next year, says


Cayne
For the fiscal year ended November 30, Bear reported net income $619
million, down 20 percent, and net revenues of $5 billion, off 10 percent.
Despite the less than stellar year, Bear CEO James E. Cayne said the firm is
optimistic it can build upon “some key transactions during the fourth quarter
and the momentum generated over the past weeks and months.” He
specifically noted the prowess of Bear’s fixed income businesses, which, he
said, “continued to perform well with record revenues for the year in our
mortgage-backed and municipal areas.”

November 2001: Bear’s new economist


Wayne Angell, chief economist at Bear Stearns since 1994, announced his
departure at the end of 2001. Bear Stearns named two economic veterans to
take his place; David Malpass was named chief global economist while John
Ryding was named chief market economist. Malpass held a number of posts
in the Ronald Reagan and George H.W. Bush administrations while Ryding
was a senior economist at the Federal Reserve Bank of New York before
joining Bear.

October 2001: Cutting the Bear down in size


Bear Stearns announced that it would cut 830 jobs, or 7.5 percent of its staff,
in the largest downsizing in the firm’s history. About 40 percent of the layoffs
would come from the investment banking and capital market units and 60
percent would come from administrative and information technology
departments. Additionally, according to an internal memo from Bear CEO

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Bear Stearns
Vault Newswire

James Cayne, the firm’s top executives, including Cayne, would be taking
approximately 50 percent cuts in pay.

June 2001: Bear loses its Ace


After 52 years with the company, Alan “Ace” Greenberg, chairman of Bear
Stearns, announced his resignation. While Greenberg remains chairman of the
executive committee, all his responsibilities were handed over to CEO Jimmy
Cayne.

April 2001: Swallowing a specialist


Bear Stearns acquired Wagner Stott Mercator, said to be the fifth-largest
specialist firm on the Big Board. Wagner Stott manages trades for specific
stocks, as well as for certain firms, including Bear competitors Citibank and
Merrill Lynch.

July 2000: Bear will sell, if the price is right


A report written by a Salomon Smith Barney analyst revealed that Bear
Stearns’ CEO James Cayne said his firm would sell to the right partner at the
right price – almost three times the share price.

December 1999: Bear changes fiscal year end


from June 30 to November 30
In an effort to keep its employees from strolling off to other banks after being
paid in August, Bear Stearns has changed its year end to November 30, which
is the year-end date of many of Bear’s competitors. In further efforts to retain
talent, Bear is investigating various options for incentive pay.

October 1999: Bear Stearns markets private


equity fund to outside investors
Through its private equity arm, Bear Stearns Merchant Banking, Bear is
marketing a limited partnership which targets approximately $1-$1.5 billion
in capital.

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Bear Stearns
Vault Newswire

July 1999: Bear reports record earnings for


fiscal 1999 year
Bear Stearns has reported record earnings for its most recent fiscal year. Net
income for 1999 totaled $673 million, an increase from $660.4 million in
1998. Revenue for the year was $7.88 billion, a slight drop from the record
$7.98 billion posted in 1997. For the fourth quarter, the firm reported record
figures in I-banking, with $324.9 million in revenue. And the firm’s return on
equity – a widely used measure of profitability – was an eye-popping 29
percent for the fourth quarter, which was one of the highest marks on Wall
Street.

January 1999: SEC official joining Bear Stearns


In a move that Street watchers believe is designed to improve the image of
Bear Stearns’ beleaguered clearing operation, Bear Stearns has hired a senior
executive from the Securities and Exchange Commission. Richard Lindsey,
the SEC’s director of market regulation, will join Bear as the number two
person in charge of the subsidiary that runs the firm’s clearing operations.
Bear is under investigation for clearing (processing the trades of) a New York
brokerage that defrauded its customers.

Select Recent Transactions


• Bear Stearns was one of two banks that advised Pfizer on its $59.5 billion
acquisition of Pharmacia. The big drug deal was announced in July 2002.

• Bear Stearns lead managed a $500 million issue for TSAC Corp. in July
2002.

• In July 2002, Bear Stearns lead managed a $160 million bond offering for
Sacramento Municipal Utility.

• In June 2002, Bear Stearns co-lead managed the $156 million IPO for
Inveresk Research Group, a provider of drug development services.

• Bear Stearns co-led medical equipment manufacturer CTI Molecular


Imaging’s $182 million IPO in June 2002.

• In June 2002, Bear, along with CS First Boston, co-lead managed the $210
million IPO for Pacer International, a provider of freight shipping and
storing services.

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Bear Stearns
Vault Newswire

• Bear co-lead managed a $174 million offering for AmeriCredit in June


2002.

• In May 2002, Bear Stearns co-lead managed, along with Merrill Lynch,
Aeropostale’s $225 million IPO. (Bear’s investment in and work on the
retailer’s IPO generated $260 million in net income, over half its total net
income recorded in the second quarter 2002.

• Bear Stearns led a $1.7 billion municipal issue for Badger Tobacco Asset in
April 2002

• In April 2002, Bear Stearns lead managed a $516 million municipal issue
for New York State Environmental.

• In April 2002, Bear Stearns, along with UBS Warburg, co-lead managed a
$275 million bond offering for Hollywood Entertainment.

• Bear, with Royal Bank of Canada, co-lead managed a $200 million bond
offering for Western Financial Bank in April 2002.

• Bear Stearns lead managed a $275 million municipal bond offering for
Commonwealth of Massachusetts in April 2002.

• Bear Stearns, with Morgan Stanley, co-lead managed the $100 million
March 2002 IPO for Med Source, a provider of engineering &
manufacturing services to the medical device industry.

• In January 2002, Bear lead managed Synaptics’ $55 million IPO. Synaptics
develops and designs products and services that allow people to interact
with mobile computing devices.

• Bear Stearns lead managed a $250 municipal bond deal for Syre Boro,
Penn., in January 2002.

• In January 2002, Bear led a $150 million municipal bond issue for Broward
County, Fla.

• Bear Stearns co-lead managed, with Merrill Lynch, Alliance Data Systems’
$156 million IPO in June 2001.

• Bear led UTI Worldwide’s $71 million IPO in November 2000. UTI is
warehousing and shipping company.

• In October 2000, Bear Stearns led an $80 million IPO for Informax, a
provider of bioinformatic software solutions.

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Bear Stearns
Vault Newswire

• In August 2000, Bear lead-managed a $75 million IPO for 3-Dimensional


Pharmaceuticals.

• Bear Stearns co-managed AT&T Wireless’ $10.6 billion IPO in April 2000.

• Bear advised Time Warner on its $180 billion merger with America Online,
announced January 2000.

• Bear Stearns represented Honeywell Inc. in its $14 billion merger with
AlliedSignal that closed in November 1999.

• Bear Stearns lead-manages the IPO for the World Wrestling Federation in
October 1999. The offering raised $170 million.

• Bear Stearns managed the IPO for online investment bank Wit Capital
Group. The offering yielded approximately $68 million in June 1999.

• Bear lead-managed the IPO of Xoom.com in December 1998, raising $56


million for the company.

• Bear lead-managed the $168 million Prodigy Communications IPO in


February 1999.

• Bear Stearns served as global coordinator for a mammoth $8.6 billion bond
for Ford Motor Credit that was sold in July 1999.

• Bear Stearns lead-managed a $1.5 billion bond offering by Wells Fargo in


August 1999.

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Our Survey Says


Culture-bust
Insiders at Bear Stearns praise the firm as being “entrepreneurial” and
“aggressive,” though they concede the culture has its less appealing aspects.
Sources say the firm offers “so much responsibility that it automatically
becomes a rewarding experience.” “You’re going to a firm that’s large and
has its fair share of marquee deals, but you’re not going to a factory,” reports
another insider. One source called the firm “flat,” which enables everyone
“to make an impact on every level.” That autonomy does have its price. “The
every-man-for-himself culture and the lack of honesty and fair-mindedness I
see in the management outweigh, for me, the early responsibility and
challenging, interesting work I have received,” rails one insider. “Little effort
is made to cultivate junior pros or to instill loyalty in the right kind of people.
In short, the culture is broken.”

Because “there’s very little structure, you have to find your own way” at Bear
Stearns. Says one source: “Every place says they’re entrepreneurial – this
place is entrepreneurial.” The firm also allows for “individual stars to shine.”
Because of Bear Stearns’ “thorough commitment to recognizing individual
merit, those who perform well can really hold their heads up high.” One
junior banker explains, “There’s an openness here to new ideas. If I do
something unique, it’s going to get noticed and appreciated.”

Sink or swim?
While insiders note the lack of handholding that might be present at some
other firms, at least one Bear employee says everyone has “the chance to
become a star player for the firm.” Some employees say the firm has a
“survival of the fittest” mentality that “extends into all ranks.” Bear is “very
much a cowboy culture,” continues another source. “[There’s] lots of
whooping and hollering emanating from the trading floor. A colleague put it
best: ‘Every man is his own corporation, with his own bottom line.’”

Bear employees are quick to point out that the firm is not a completely sink-
or-swim environment, saying that they are provided support from senior
employees. “Bear people are, above all else, individuals, and the culture not
only accepts but applauds this.” Still, the firm makes an effort to encourage
teamwork. I-banking associates are assigned a junior and a senior mentor (a
VP as the junior mentor and an MD as the senior mentor). There are those
who downplay the competitive culture. “The bottom line is to make money,”

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Bear Stearns
Our Survey Says

says one associate. “If all that they say about back stabbing and sink-or-swim
were true, how the hell would we make any money?” “From a junior
banker’s perspective, the culture encourages development and rewards those
who excel,” brags another insider. “It truly is a meritocracy.”

Associates, stick to your mentor


Speaking of senior bankers, Bear insiders give their superiors mixed reviews.
“Success at Bear Stearns depends partly on good results and partly on
patronage,” says one source. “There is no formal evaluation process and no
institutional method to ensure objective feedback. It is thus crucial to find a
good patron to help your career along.” Once you find that patron, never let
him/her go. “My senior bankers have taken a true interest in my
development; I feel that I can sit down in any of their offices at any time and
be welcomed. They personally push me to the limits of my ability and are
genuinely thankful for the work that I do for them.” You’ll rarely get stuck
doing menial work. “Once in a while you’ve got to suck it up and work on
that random annoying pitchbook that you just don’t want to do but the vast
majority of the time, work assignments are appropriately assigned to analysts
based on their prior experiences and abilities.”

Whatever you get from your seniors, don’t expect a great deal of formal
training. “Come to Bear Stearns already knowing the job you are to do,”
warns one insider. “Otherwise it will be very difficult. Training simply is not
a priority at this firm.” Those outside the firm’s New York headquarters
report that some formal instruction is “offered over video conference.”

No paper clips for you


The Bear Stearns support staff has been described by employees as “the best
available.” Unlike at other Wall Street firms, there are plenty of secretaries
to go around, though some offices may have a limited number depending
upon their needs. Word processing and data entry services are also available
and interns are plentiful and available for all research needs. However,
several employees confirm that “the firm does emphasize thrift.” One
banker, speaking about the dearth of supplies, says, “No joke, if I see a paper
clip on the floor or a pen on somebody’s desk – if somebody’s stupid enough
to leave a pen on their desk – I take it.”

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Our Survey Says

Well known and worth it


“You have to love the prestige,” employees say. “This firm only hires the best
and brightest – and you’re recognized for it.” “For me, I knew it was a very
good emerging firm,” explains one associate about why he chose the firm
over some of its competitors.

Like most employees on Wall Street, Bear Stearns employees can expect to
spend most of their waking hours at the firm. “Perhaps the worst part of the
job,” employees say, “is the hours.” One employee says that “the number and
variability of hours can ultimately make this job undoable.” Comments one
I-banking associate, who figures Bear’s hours are par for the course:
“Sometimes it’s 50 hours a week, sometimes it’s over 100. Although sales
and trading employees have more reasonable hours than their I-banking
brethren, that doesn’t mean that they have it easy either. “I come in most
Sundays,” says one salesperson. “And I just read.” And, like most employees
at investment banks, Bear employees simply accept the long hours as part of
the deal.

Reports one I-banking analyst: “It’s tough when you’re working 90 hours a
week. Your body just can’t take it – but the compensation’s worth it.” One
source says Bear has “always paid well compared to the rest of the Street.”
Another employee agrees, adding, “Your salary may be a bit low [at Bear],
but the majority of your compensation comes from bonuses anyway.”
Because bonuses are “based on merit,” another comments, “many people are
hush, hush about [them].” Like their sales and trading associates at other
banks, Bear sell-siders receive free tickets to take their clients out. I-bankers
receive a $20 stipend for evening meals, and get free car service home.

Typical diversity (and that’s not stellar)


Bear Stearns has room for improvement in the area of diversity. While “Bear
could use some help [with diversity],” one employee defends, “the firm does
not have any issues that aren’t typical for Wall Street or the financial services
industry.” As far as gender diversity is concerned, one female analyst reports:
“There are a lot of female analysts. There are not that many associates.” Says
a female associate, “There are some firms that aggressively go out and recruit
women. We’re not like that, we simply go out and recruit the best people we
can get. I have never, ever had an issue here about being a woman at this
firm.”

“In terms of [ethnic] minorities, we need more,” says one minority contact.
“I think it’s a little hard for Bear Stearns, because we’re not Goldman or

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Bear Stearns
Our Survey Says

Merrill. They’re actively trying to [recruit minorities]. They’re recruiting at


Howard and Morehouse and Spelman, but it’s just they’re competing for all
the same kids, and Bear just doesn’t have the name.” However, says that
employee: “There’s not a problem as far as opportunity is concerned. I think
that here, if you do your time and go above and beyond, I don’t think being a
minority matters.”

Can I have a cubicle? Please?


Bear’s offices are located on the south end of Park Avenue, near the Helmsley
building. The firm’s I-banking offices are located on four floors; the firm also
has two trading floors . Oddly, Bear Stearns employees actually aspire to get
their own cubicle. The building is “not as decked out as the older Wall Street
firms,” said one contact, “but it serves its purpose.” Always expanding, the
firm “is constantly outgrowing its digs.” The firm is currently building a new
world headquarters near its current location.

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Getting Hired
Hiring Process

No worries if you’re off target


For investment banking, the firm targets approximately 12 business schools.
At these schools, either the co-head of investment banking or another high-
ranking official makes a presentation. At about five other business schools,
the firm interviews but does not give presentations. Don’t worry if your
school is not targeted. The firm conducts “in-house interviews for those who
write in” from out-of-the-way schools. Another note: Bear doesn’t want
resumes clogging up their mailroom and e-mail inboxes. A message on the
firm’s web site, www.bearstearns.com, instructs applicants to submit their
resumes through Bear’s online application process. At Bear’s target schools,
interested parties can arrange a Bear interview through the career services
office.

Hot jobs
Bear Stearns draws many of its associates from its summer programs. The
summer hiring process is condensed into a three-week period. The first round
is usually an on-campus, two-on-one interview. While students at some
schools will travel to Bear’s New York headquarters for second rounds, many
will simply interview again that evening on-campus. (For example, since the
University of Chicago business school does not excuse time off from classes
to travel for interviews, Bear conducts both first and second rounds on
campus.) The final round in New York is described as “the typical super day
format with analyst-level candidates meeting mostly with associate and VP-
level bankers and associate candidates meeting mostly with VP and managing
director/senior managing director-level people.” That source also reports that
“one of the two co-heads of investment banking generally interviews every
associate candidate.”

The firm also generally targets about 40 undergraduate schools each year. It
hires about 100 analysts into I-banking worldwide, and about 75 of them
work in New York. Although Bear accepts resumes from all undergraduate
schools, for summer analyst positions Bear likes to have representation from
its core schools – the firm only recruits on campus for summer analysts at
Wharton, Dartmouth, Michigan and the University of Virginia.

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Bear Stearns
Getting Hired

Interview questions: easy on the left brain


Insiders say not to look for technical questions. “There is a uniqueness to our
culture and we look for people who can both enhance it and excel in it,” says
one source. “We stay away from the brain teaser questions.” Another contact
concurs, saying Bear asks “the typical banker questions. ‘Why banking,’
‘why you’ and ‘why you with Bear?’ Some technical questions for undergrad
students with a business degree and MBAs but nothing out of the ordinary –
[it] all depends on the interviewer.”

Buying and selling spots


The firm doesn’t recruit undergrads for sales and trading, although those with
BAs who complete the firm’s operations training program can go into sales
and trading. For associates in sales, trading, research and public finance, the
firm recruits on campus at 10 business schools – NYU, Columbia, Harvard,
Wharton, Chicago, Kellogg, Stanford, UCLA, Fuqua and Darden. Says a
recruiter, “We do very well with Columbia, NYU and Chicago; those are our
three best.” Associates are hired into one of four departments: fixed income,
equity, research or public finance. Candidates in these areas can expect one-
on-one interviews, with probably two rounds. “For a full-time hire, you have
to have six interviews,” according to one insider. Summer hires generally go
through an on-campus round and then one callback.

About 50 to 75 percent of the sales trading, and public finance associate class
is hired through the summer program. In these departments, the firm hires
about 20 to 25 summer associates and about 20 full-time associates. All
fixed-income hires complete 12 weeks of rotations, covering six different
desks, and are placed after that; the equity division hires students for both
specific slots and as generalists. All research positions are hired on an as-
needed basis.

Being there
On-campus college and business school recruiting is the norm. First
interviews are typically on campus. The second round varies; some are on
campus, others on-site, depending on the particular candidate. Two to three
weeks later, the firm calls back its selections for the final screening process.
Candidates are flown out to a Bear Stearns office, most likely a New York
location, at the firm’s expense. Candidates typically meet with at least six
people. Be ready for post-offer, pre-employment drug tests.

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Bear Stearns
Getting Hired

Questions to Expect
1. Why Bear Stearns?
At Bear and other firms just outside the inner circle of investment banking
giants, contacts stress that candidates must be able to state clearly why they
are interviewing with the firm. The firm sells itself on the opportunities for
early responsibility and advancement in a growing franchise, and you’d do
well to emphasize this as a candidate.

2. Describe a leadership experience.


When trying to prove your fit in an entrepreneurial and more individualistic
environment such as Bear, you need to emphasize your strengths as a self-
starter and leader – the firm is looking for a willingness to take on
responsibility. Still, interviewers are not necessarily looking for the old “born
leader” model – “teamwork” is a key buzzword on Wall Street, and you need
to be able to showcase your ability to work in a team setting.

3. If someone gave you a hundred dollars a year for the rest of your life, how
much would you pay him today for that cash stream?
Even though Bear Stearns says it considers people of all backgrounds for
analyst positions, it wants people who are able to deal with analytical
problems.

4. Describe how you have matured during college.


“No more partying on Wednesday night,” laughs one interviewee.

5. How can we be sure that you are willing to work long hours?
All investment banking requires long hours, and you had better be ready to
deliver. Discuss how you worked long hours in a previous job, summer
internship, or on schoolwork.

6. Discuss the item on your resume that’s most important to you.


Pick something that your interviewer might otherwise not notice. And
highlight something that shows entrepreneurial and self-starting strengths.

7. How do you value a company?


One recent interviewee with Bear reports that his interviews were “less
technical than I expected,” but still featured this oldie but goodie. There are
various methods of valuing companies, including taking multiples of
financial figures (such as the P/E ratio), comparing the company to similar
ones, and doing a discounted cash flow analysis. This last method is the most
rigorous technique. To do it, you discount the company’s projected cash
flows by a “risk-adjusted discount rate.” After projecting the first five or 10
years, you add in a “Terminal Value,” which represents the present value of

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LIBRARY 41
Bear Stearns
Getting Hired

all the future cash flows that are too far into the future to project. You can
calculate the Terminal Value in one of two ways: (1) you take the earnings of
the last year you projected, say year 10, and multiply it by some market
multiple like 20 times earnings, and that’s the terminal value; or (2) you take
the last year, say year 10, and assume some constant growth rate after that like
10 percent – the present value of this growing stream of payments after year
10 is the Terminal Value.

Questions to Ask
1. How much responsibility can I expect early on?
Remember, Bear stresses that its employees can expect early responsibility
when compared to behemoths such as Merrill Lynch. Express your eagerness
to take this on.

2. What does the firm see as its position in an industry that is rapidly
consolidating?
Bear has grown slowly for decades and, unlike many of its competitors,
doesn’t seem to be in a rush to add new businesses or expand. Asking this
question shows that you are knowledgeable about the firm’s position in the
industry.

3. What distinguishes Bear Stearns from its competitors?

4. How would you describe the firm’s corporate culture?


The firm has a strong corporate culture (which was established, in large part,
by former chairman “Ace” Greenberg). Show that you know it, and ask
leading questions.

To Apply
If Bear Stearns does not recruit on your campus, or if you are an experienced
professional, you must apply online via the career section of Bear Stearns’s
web site, which reads, “Please be aware that we are not accepting hard copy
resumes sent in the mail for the foreseeable future. If you are interested in
applying for a position, please submit your resume though our on-line
application process.”

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Bear Stearns

On the Job
Job Descriptions

Investment Banking Associate


Investment Banking associates work on several projects simultaneously,
including capital raising, typically high yield bonds and common stock.
Associates perform quantitative analysis and prepare pitchbooks and
presentations. An associate often serves as the firm’s contact person between
internal and external members of deal teams. For example, says one Bear I-
banking associate, client contact usually involves “the CFO, the controller, or
senior finance officials.” At meetings – which can be either via
teleconference or in person – with clients and related firms (like law firms
working on the deal), associates are often asked to explain and give input on
parts of deals on which they have worked. However, as one I-banking
associate explains, at “pitch” meetings in which the firm is trying to win
business, senior bankers generally do most of the talking and presenting.
Expect frequent travel as an I-banking associate – sometimes up to twice a
week, though typically not that much. The amount of work ebbs and flows
with the market. Said one I-banking associate in the fall of 1998: “I’m
working on one live M&A transaction primarily, although I have a couple of
projects. Last year at this time, I would have had a lot more [because of the
active market].”

I-banking associates begin with a six-week training program (although


insiders note that the length of the program alters somewhat from year to
year). The training includes one week of Series 7 training; two weeks of
classroom training (which is like “B-school review”); one week of modeling
(described by associates as the “most extensive on the Street”); and one week
of “how the place really works, how to get a deal done – it’s like Bear 101.”
“Then the last couple days it’s meet the groups.” Oh, and there’s a “golf
outing at Essex County (NJ) Country Club.”

Investment Banking Analyst


The I-banking analyst position begins with a four-week training program.
That means financial analysis, financial analysis, and more financial analysis.
Consider yourself the essential hub of transactions and other deals. Analysts
coordinate information from related parties and make sure necessary
administrative duties are completed in a timely fashion. Job responsibilities

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Bear Stearns
On the Job

as an I-banking analyst progress rapidly. Explains one second-year analyst:


“They trust you more. I don’t have to do the pitchbook work that you do as a
first-year. I do more of the [financial] modeling, document drafting, and they
take me to a lot more of the meetings.” What is the “bullshit” work on
pitchbooks that first-years start with? “You put together graphs, do some
research on companies.” For first-year analysts, the summer can be an
especially brutal time, because the second-year class leaves in May, and the
incoming class of analysts do not arrive until August.

I-banking analysts start with a four-week training period, which includes “one
week of accounting, one week of finance, one week of modeling, and one
week of database and Bloomberg stuff.” For the accounting and finance
weeks, the firm brings in professors from New York University. Because of
space considerations, much of the firm’s training is held off-site in New York.
And of course, there are the requisite social activities during the training
period. “There’s maybe an event every week,” says one analyst. “We go
bowling, go play pool, go to bars. It’s run by human resources and the
second-years are invited.”

Sales, Trading and Research Associates


Sales, trading and research associates work together to move financial
products, either equity (stock) or fixed income products. Like I-banking
associates, these associates begin with a six-week training program, much of
it with their I-banking counterparts. The associates devote two weeks to
training for the Series 7 exams. Other fun topics include yield-curve analytics
and derivatives. The training may help some, “but at the end of the day, when
you hit the ground on the trading floor, it doesn’t really matter. You have no
idea what’s going on. You just have to listen and learn.”

Incoming associates don’t officially join groups until January (after starting
in August), but they usually have already become integral to a group’s
operations. The associates are supposed to rotate every two weeks or so, but
as one associate says: “Bear is a very flexible firm. If the powers-that-be
know there’s money to be made through a situation, and you’re crucial to a
rotation, then they’ll just go ahead and skip the rotation.”

MBA Summer Associate; Sales, Trading, and


Research
Summer associates in sales, trading and research are hired into either equity
or fixed income, but through rotations can gain experience in either

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44 LIBRARY © 2002 Vault Inc.
Bear Stearns
On the Job

department. And unlike sell-side summer associates at other firms, Bear


insiders say they get thrown into the pit: “You get involved so deep into the
projects, it’s actually like, ‘By the way, thanks for the summer, and can you
do this?’ I guess I could have switched groups, but I couldn’t just leave.
People were depending on me.” Part of the summer experience in sales and
trading includes question-and-answer sessions with group heads “about every
three days.”

MBA Summer Associate, Investment Banking


“What really makes for a good summer associate program is the staffing,”
says one former Bear summer hire. “And the two VPs that run the staffing
are very committed to making sure it’s a good experience.” One of the
highlights of the summer are the dinners summer I-banking associates have
with David Solomon and David Glaser, Bear’s co-heads of investment
banking. “They take you out in groups of four or five. The objective isn’t to
wine and dine you so much, but to make sure that there’s a noticeable and
sincere commitment to making sure the experience is a good one.”

A Day in the Life

Associate, Investment Banking


9:00 a.m.: Arrive at work. Check voice mail, return phone calls.

9:30a.m.: Eat breakfast at desk. Read The Wall Street Journal.

10:00a.m.: Get to work on preparing pitchbooks, discuss analysis with


members of deal team. (“Right now, I’m working on a live transaction with
an analyst, myself, a VP and an MD. That’s staffed up a little bit more than
usual because it’s slow.”)

12:00 p.m.: Conference call with members of IPO team, including lawyers
and client.

1:00 p.m.: Eat lunch at desk.

2:00 p.m.: Work on restructuring case studies; make several document


requests from company library.

3:00 p.m.: Start to prepare analysis; ask analyst to gather data, do supporting
analysis.

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Bear Stearns
On the Job

5:00 p.m.: Check in with Vice Presidents/heads of deal teams on status of


work.

7:45 p.m.: Dinner. (“We get $20 a night.”)

8:00 p.m.: Meet with VP again regarding status of project.

11:00 p.m.: Submit work to document processing with a morning deadline.

11:30 p.m.: Call car service and head home.

Associate, Sales, Fixed Income


6:45 a.m.: Get to work. (“I try to get in around 6:45. Sometimes it’s 7:00.”)

6:50 a.m.: After checking e-mail and voice mail, start looking over The Wall
Street Journal (“I get most of my sales ideas from The Wall Street Journal.
I’d say 70 to 75 percent of my ideas. I also read The Economist and
BusinessWeek just for an overview, and some Barron’s and the Financial
Times. Maybe three issues out of the five for the week for FT.”)

7:15 a.m.: Start checking Bloombergs, get warmed up, go over your ideas
and figure out where things stand.

7:45 a.m.: Meet with your group in a conference room for a brief meeting to
go over the day. (“We go over the traders’ axe [what the traders will focus on
that day], go over research, what the market quotes are on a particular issue.”)

8:15 a.m.: Get back to desk, and get ready to start pitching ideas.

8:15 a.m.: Have a short meeting with your smaller group.

10:00 a.m.: One of your clients calls to ask about bonds from a particular
company. You tell her you’ll get right back to her. Walk over to talk to an
analyst who covers that company.

10:15 a.m.: Back on the horn with your client. (“I’m in contact a lot with my
analyst. I listen to my analyst.”)

12:30 p.m.: Run out to lunch with another salesperson from your group.
(“We often buy each other lunch. Sometimes to celebrate a big deal we’ll
order in lunch. We go to Little Italy Pizza Place or Cosi. It’s always the same
people, and it’s always the same six places.”)

1:00 p.m.: Back at your desk, check voice mail. (“If I leave for 30 minutes
or so, when I get back, I’ll have five messages.”)

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Bear Stearns
On the Job

2:00 p.m.: One of your clients wants to make a move. (“I trade something
every day. Maybe anywhere from one to 10 trades. It’s on a rolling basis.
You plant seeds, and maybe someday one of them grows into a trade.”)

3:15 p.m.: Another client calls and wants to place an order.

5:30 p.m.: Still on the phone. (“Although the markets close, that’s when you
can really take the time to talk about where things are and why you think
someone should do something.”)

7:30 p.m.: Head for home – you’re meeting a client for a late dinner. (“Often
on Thursdays we go out as a group.”)

Career Path

Undergrads
Like most banks, Bear Stearns’ analyst program in I-banking typically lasts
two years. The program starts with about four weeks of training, followed by
a six-week generalist period (before this period, analysts are asked to rank
three groups, and the firm makes an effort to ensure that the analysts get good
exposure to those groups). After the six-week generalist period, the analysts
re-submit their top three choices. “I would say 95 percent of people got their
first choice,” says one analyst.

Most analysts stay for two years before heading to business school. Some
stay on for three years, “if it is a natural fit.” These analysts can switch
groups and locations. A few outstanding analysts (two in a recent class) are
promoted to the associate level without an MBA after their third year.
Analysts who join on before heading off to business school “rarely come
back,” say some employees. “Analysts have seen the worst and taken the
most grief,” one says. “Everyone needs to let off steam, and analysts, being
the low men on the totem pole, take a lot of abuse.” The firm does not pay
for analysts to get MBAs although it does front for GMAT classes.

MBAs
MBAs in investment banking start in a six-month generalist program. Bear
contacts stress that this is not a “rotation” program but a “generalist”
program, meaning that they can take work from any group at any time.

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Bear Stearns
On the Job

I-banking MBAs generally spend three years as associates, three years as vice
presidents (VPs), one year as associate directors (ADs), and then become
managing directors (MDs). The next step up is senior managing director
(SMD). The SMD level is a major step up from MD, and the promotion to
that level is not very regimented.

For those on the sales and trading (sell-side) of the Street, the career path is
much less defined. As one Bear insider says: “If everybody leaves the desk,
and you’re the only associate left, and you handle the products, obviously
they’re going to move you up quickly.” In rare instances, for example,
associates can move all the way to the assistant managing director in a year’s
time. A roughly average career path would involve two years as an associate
until vice president, one to two years as a VP, one to two years as an AD, and
then anywhere from one to four years as an MD before moving up to senior
managing director. The move to senior managing director is a major hump.
“It’s like partnership,” explains one Bear employee.

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Bear Stearns

Final Analysis
When the Bear roars, Wall Street listens – and for good reason. Bear Stearns
is one of the most stable establishments in American finance. The firm has
earned its fame through its legendary profitability, as well as its top-of-the-
line services. While not a top finisher in most equity and M&A league tables,
Bear Stearns is still considered a major player. The firm’s fixed income group
is also top-notch, especially its research unit. The Bear’s biggest asset,
however, may be its clearing services, the best in the business.

Bear has a commitment to a cost-cutting philosophy, a strategy not likely to


be changed by the recent (amicable) departure of Chairman Alan Greenberg.
Employees are encouraged to watch even the smallest expenditures and the
firm insists on lean staffing. On the plus side, the firm’s miserly ways have
mostly prevented the mass layoffs depressingly common at other investment
banks recently.

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Competition on the Street – and beyond – is heating up. With
the finance job market tightening, you need to be your best.

We know the finance industry. And we’ve got


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Bear Stearns

Recommended Reading
Find out all about Bear’s history at www.bearstearns.com, which also has an
annual report available for download, and reflections from the firm’s analysts.
To learn more about “Ace” Greenberg’s management philosophy, as
documented in his legendary internal memos, check out Memos from the
Chairman, Greenberg’s 1996 book. Memos also includes a foreword by
investing guru Warren Buffet, a Greenberg supporter and friend. We also
recommend checking out the following articles:

• “Bear Stearns’s Profit Doubles On Gain From Aeropostale IPO,” The Wall
Street Journal, June 19, 2002.

• “Bear Stearns exec’s balancing act,” The Daily Deal, June 5, 2002.

• “Bear Stearns and Lehman Push Their Way Past Big Guns,” The Wall Street
Journal, July 6, 2001.

• “At Bear Stearns, ‘Everything is for Sale,’” BusinessWeek, July 3, 2001.

• “At Bear Stearns, an ‘Ace Is Shifting Gears,” The Wall Street Journal, June
27, 2001.

• “Bear Stearns: Worth Its Asking Price?” BusinessWeek, August 7, 2000.

• “S.E.C. Fines a Bear Stearns Unit in Fraud Case after Long Inquiry,” The
New York Times, August 6, 1999.

• “Bear Stearns Income is Up, as Fees Grow from Trading,” The New York
Times, July 22, 1999.

• “The Optimist: Is Ace Greenberg the Sanest Man on Wall Street?” The New
Yorker, April 26 – May 3, 1999.

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