Where Bear Stearns Is Expanding Now

For career opportunities within Bear Stearns this year, look to energy sales and trading, and to European, Asian and Latin American client business.

After retrenching in fixed income, Bear Stearns now aims to grow its energy business and its presence in a number of markets outside the U.S. That message was delivered by Sam Molinaro, its chief operating officer, at a Credit Suisse conference in Florida on Friday.

With its purchase last year of power plants and other assets from Williams Power, the investment firm has "a strong base to build upon which will be very important in 2008 to increase our presence in sales and trading and provide structuring opportunities," Molinaro said, according to Financial News.

A summary of his presentation, published on the Bear Stearns Web site, lists strategic objectives that include: "Improve geographic diversification (Europe, Asia, Latin America); expand global client base; enlarge wallet share with key client segments; diversify product capabilities and revenues; expand high return-on-equity businesses."

Internationally, the company plans to leverage a larger equities sales force, and expand prime brokerage services. New offices in Frankfurt and Paris opened last year. Bear Stearns is relying on a joint venture with China's Citic to develop capital markets business there. "We decided the best way was to collaborate with a local player as it is too difficult to build out organically," said Molinaro. "The opportunities are very significant in investment banking as well as sales and trading."