In Brief: Top Bank Trader Leaves Bear Stearns

William Bee, the head bank stock trader at Bear, Stearns & Co., has left the firm.

Officials at the investment bank declined to comment, but people familiar with the situation said that Mr. Bee left Nov. 3. His departure followed a reorganization of Bear Stearns' corporate finance and fixed- income businesses. Some investment bankers involved in underwriting for subprime mortgage and auto finance companies have also recently left the firm.

Unlike many Wall Street firms, Bear Stearns has declined to announce widespread layoffs. People at the firm say no widespread job cuts appear under way. "Maybe there's a little pruning at the edges," one employee said.

Two people from within the firm have assumed Mr. Bee's responsibilities.

-Aaron Elstein