Bear Stearns plans to hire thousands in Europe by 2009, and has added a key senior investment banker to build its practice there.
Bear Stearns plans to hire up to 2,300 additional staff members in Europe by 2009, reports Financial News. One source told the newspaper that Michel Péretié, the bank's chief executive in Europe, "has been given the power to grow Europe independently of the U.S." The same sources noted that "Lehman Brothers, Goldman Sachs and Morgan Stanley have 40 percent of their business outside the U.S. while we have only 14 percent."
The bank employs 12,500 around the world. While its staff in London has grown in recent years - from 700 three years ago - Europe accounts for less than 10 percent of its total personnel, Financial News says. The planned changes would raise the proportion to almost 25 percent.
Meanwhile, the Financial Times reports Bear Stearns has hired Florian Lahnstein away from UBS, where he was co-head of German investment banking. He will become Bear Stearns' senior investment banker for Europe. He will focus on building a practice in media, transport, retail and leveraged buyout groups, the FT said.