NEW YORK, March 14, 2008 (AFP) – The troubled US investment bank Bear Stearns said Friday it was receiving an emergency loan organized by a rival bank and the Federal Reserve Bank of New York.
Bear Stearns share price plummeted after its president and chief executive, Alan Schwartz, said the bank’s liquidity position had “significantly deteriorated” as a deepening credit crunch sweeps the US banking sector.
Here are key facts and figures about Bear Stearns:
COMPANY: Bear Stearns describes itself as a “leading global investment banking, securities trading and brokerage firm.” As well as offering traditional investment banking services, the bank trades securities and also runs a wealth management service for wealthy clients.
MANAGEMENT: Alan Schwartz is Bear Stearns’ president and chief executive. Former CEO James Cayne resigned in January as the bank’s mortgage-related losses ballooned.
MARKET WORTH: Bear Stearns is the smallest of Wall Street’s five largest investment banks and brokerages by market worth. Its market worth, which has fallen sharply in the past year, is currently around 4.5 billion dollars.
SHARE PRICE: Bear Stearns shares closed down 47 percent