Bear Stearns executives said the bank’s fortunes were improving after a tumultuous summer, aided by the Fed’s interest rate cut and improvements in the US fixed income market, reports the FT. Jimmy Cayne, Bear Stearns chief executive, told analysts that most of Bear’s businesses were rebounding and that the bank would emerge a “stronger, more diversified and greater organisation”. Bear shares have plunged this year and despite Cayne’s upbeat comments, closed down 0.67% on Thursday at $127.61. The bank last week reported a 61% decline in Q3 earnings, fuelling speculation it would seek an outside investor. Cayne said the bank was not seeking an equity infusion but was open to selling a stake if it brought “geographical strategic value”, reports Reuters.

This entry was posted by Gwen Robinson on Friday, October 5th, 2007 at 4:53 and is filed under Capital markets, People. Tagged with bear stearns, Jimmy Cayne. Edit this entry.