Mayor David N. Dinkins of New York City announced yesterday that Bear, Stearns & Co., a major New York-based securities firm that serves as one of the city's senior bond underwriters, has decided not to move 1,500 of its employees out of the Big Apple.

Fearing the move would cost the city $200 million in lost tax revenues, squeezing an already battered local economy, city officials assembled a package worth $44.6 million to entice the firm to stay.

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