Alan Schwartz, who was CEO of Bear Stearns when it went down for the count, has landed a gig! According to WSJ, it’s at Guggenheim Partners, and he’ll be taking the role of executive chairman, helping it expand both its investment banking and trading operations.
There had previously been talk that he’d join Goldman Sachs (GS) in some high-level capacity, but he says he was interested in helping to build up a company.
As the report notes, the firm gets its name from the same family as the famous museum.
WSJ: Guggenheim has performed well during the market crisis, saying that it enjoyed its best revenue and earnings years in its decade-long history in 2007 and 2008. The firm achieved those results despite some exposure to hard-hit areas like commercial real estate.
Mr. Schwartz says he will focus on three aims: working with his own longtime clients, helping to mentor Guggenheim’s existing employees and working with Mr. Walter and other executives on overall business strategy.
The hiring, expected to be announced on Tuesday, shows that smaller firms that haven’t taken government investments are becoming aggressive in looking to take business and talent from once-dominant global banks.