Bear Stearns is apparently not for sale, despite coming out as the worst performer of Wall Street’s major investments banks, according to chief executive officer Jimmy Cayne.
“I’m confident that Bear Stearns will weather the storm and come out a stronger, more diversified and a greater organization,” says Cayne, speaking at a conference. According to the New York Post, Cayne would consider a deal with a partner if it “brings along geographic, strategic value to us” but he ruled out the possibility of a bailout investor.
Bear Stearns has fallen behind its rivals in the aftermath of the sub-prime mortgage crisis, and could face investment from foreign firms, Chinese investors are reported to be interested in the organization.
Shares in the investment bank have tumbled by 22% this year, the worst out of Wall Street’s major banks. The firm has also had to cut jobs in its mortgage business.