EXCLUSIVE-UPDATE 1-Bear Stearns' Greenberg to stay at JPMorgan
By Joseph A. Giannone
NEW YORK (Reuters) - Former Bear Stearns Cos Inc BSC.N Chief Executive Alan "Ace" Greenberg, the legendary trader who helped build Bear into one of the world's largest investment banks, told Reuters on Thursday he intends to stay at JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) after the two banks merge.
"I expect to stay at JPMorgan," said Greenberg, who joined the firm in 1949 as a clerk.
As to what role he will play at the combined company, the 80-year-old executive expects to learn more during a lunch meeting with JPMorgan executives on Thursday.
Greenberg, who served as CEO from 1978 through 1993, declined to comment further.
Over the decades, Greenberg has held almost every senior job at Bear and formed relationships with the likes of Warren Buffett and Donald Trump. Greenberg gained some measure of fame playing himself on Trump's television show "The Apprentice."
Greenberg converted Bear from a private partnership into a public company in 1985 and helped the bank weather numerous market storms. Greenberg turned over the CEO reins to James "Jimmy" Cayne in 1993 and has worked as chairman of the executive committee since 2001.
Greenberg, one of the best known faces at Bear, sits on the bank's board and still reports to the trading floor, where he manages accounts for himself and some long-time clients. He is also known as an expert bridge player and amateur magician.
But now the old firm is going away as Bear ends 85 years as an independent company in June. Continued...
© Thomson Reuters 2008. All rights reserved. | Learn more about Thomson Reuters
