Reports of the death of Wall Street seem to have been highly exaggerated.
Alan Schwartz, the CEO of Bear Stearns when the firm collapsed in early 2008, is running an asset management firm called Guggenheim Partners. And now the New York Post reports that he has hired Kenneth Savio, the former co-head of trading and sales at Bear Stearns, to build an equity trading desk at Guggenheim.
The Post says could be “part of a larger effort to rebuild his lost brokerage empire.” Or, to put it more bluntly, to create “the next Bear Stearns.”
Guggenheim is known for focusing on fixed income and hadn’t previously traded equities. The Post says Schwartz wants to hire investment bankers, research analysts, equities traders and brokers. In short, he’s rebuilding that old multi-platform investment banking model everyone was announcing had died last fall.
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