Former Bear Stearns Chief Executive Officer Alan Schwartz will leave JPMorgan Chase & Co. to "pursue other career interests," according to an internal memo.
Schwartz, 58, who took the helm at Bear Stearns in January from James "Jimmy" Cayne, will stay with New York-based JPMorgan until the end of August, said the memo from Chief Executive Officer Jamie Dimon and investment bank co-heads Steven Black and Bill Winters.
"Despite the extremely difficult circumstances that brought our firms together, Alan has been a terrific and constructive partner through the process," the memo said. The contents were confirmed by spokeswoman Kristin Lemkau.
Schwartz reached the top job at Bear Stearns after more than three decades at the firm. He was forced to sell the company to JPMorgan in March after clients and investors pulled their cash. He blamed Bear Stearns's liquidity problems on false market rumors during testimony before the Senate Banking Committee in April.
"I am very proud to have been a part of Bear Stearns,"
Schwartz said in the memo. "It was a special place I know many of us will miss."
The decision was reported earlier today by CNBC. JPMorgan said July 17 it will retain about half of Bear Stearns 14,000 employees worldwide.
Schwartz attended Duke University in Durham, North Carolina, and graduated in 1972. He was drafted as a pitcher by the Cincinnati Reds baseball club. The Brooklyn native injured his elbow and never reported to the team. He started at Bear Stearns's Dallas office in 1976 as an institutional stock salesman.
'Ace' Greenberg
Alan "Ace" Greenberg, who became CEO of New York-based Bear Stearns in 1978, took notice after Schwartz called him with ideas for improving the firm's stock-research department.
Schwartz moved to New York and in 1979 became head of research and investment strategy. He was named executive vice president in 1985, charged with running the firm's fledgling investment-banking division. He was promoted to co-president, with Warren Spector, six years later.
