Jimmy Cayne has told the board of Bear Stearns that he plans to step down as chief executive of the Wall Street bank, which has suffered heavy losses in the credit market turmoil.
Mr Cayne, 73, hopes to remain as non-executive chairman and hand over the chief executive role to Alan Schwartz, Bear’s president. Bear Stearns directors are expected to meet soon to discuss the matter and an announcement could come as soon as Tuesday, people close to the matter said.
