Alan Schwartz
Encyclopedia
Alan D. Schwartz is an executive chairman of Guggenheim Partners, LLC
, an investment banking
firm based in Chicago and New York. He was the last CEO
Bear Stearns
before its acquisition by JPMorgan Chase & Co.
, having succeeded James (Jimmy) E. Cayne
who remained chairman.
He became Co-President and Co-COO
on June 25, 2001. Schwartz became sole President and COO in August 2007 after Warren Spector was forced to resign in the wake of the collapse of two hedge funds. Prior to this time, Spector was considered the heir-apparent to Cayne. Schwartz took over as CEO on January 8, 2008 when the stock (BSC) traded at slightly over $75 per share. Within a week of its merger with JPMorgan Chase on March 16, 2008, BSC stock drastically declined to $5.33 per share.
Schwartz negotiated the last minute deal to sell to JPMorgan Chase, and he was angrily confronted by senior trader Alan Mintz for this at the company gym.
. At Duke, he pitched on the varsity baseball team as a scholarship athlete, making the ACC
academic honor roll three times. Though he was drafted by the MLB's
Cincinnati Reds
, he never played a game due to an injured elbow. He is currently the chairman of the Board of Visitors at the Fuqua School of Business
at Duke and is a trustee on the Duke University Board of Trustees.
Schwartz currently resides in Greenwich, Connecticut
, with his wife, Nancy Seaman, Chairman of Houlihan Lawrence Realty Corporation.
Guggenheim Partners
Guggenheim Partners, LLC is a privately held, diversified financial services firm that engages in investment banking, capital markets services, investment management, and investment advisory. The firm is headquartered in Chicago and New York with over 1,400 professionals located in 20 cities...
, an investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
firm based in Chicago and New York. He was the last CEO
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
Bear Stearns
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
before its acquisition by JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co. is an American multinational banking corporation of securities, investments and retail. It is the largest bank in the United States by assets and market capitalization.It is a major provider of financial services, with assets of $2 trillion and according to Forbes magazine is...
, having succeeded James (Jimmy) E. Cayne
James Cayne
James E. "Jimmy" Cayne is an American businessman, a former CEO of Bear Stearns, founder of TalkGeek.org and world-class bridge player. After losing about one billion dollars in net worth from the collapse of Bear Stearns' stock, he sold his entire stake in the company for $61 million...
who remained chairman.
History at Bear Stearns
Alan Schwartz joined Bear Stearns in 1976. He became executive vice president and head of the Investment Banking Division in 1985.He became Co-President and Co-COO
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
on June 25, 2001. Schwartz became sole President and COO in August 2007 after Warren Spector was forced to resign in the wake of the collapse of two hedge funds. Prior to this time, Spector was considered the heir-apparent to Cayne. Schwartz took over as CEO on January 8, 2008 when the stock (BSC) traded at slightly over $75 per share. Within a week of its merger with JPMorgan Chase on March 16, 2008, BSC stock drastically declined to $5.33 per share.
Schwartz negotiated the last minute deal to sell to JPMorgan Chase, and he was angrily confronted by senior trader Alan Mintz for this at the company gym.
Background
Schwartz is a 1972 graduate of Duke UniversityDuke University
Duke University is a private research university located in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present day town of Trinity in 1838, the school moved to Durham in 1892. In 1924, tobacco industrialist James B...
. At Duke, he pitched on the varsity baseball team as a scholarship athlete, making the ACC
Atlantic Coast Conference
The Atlantic Coast Conference is a collegiate athletic league in the United States. Founded in 1953 in Greensboro, North Carolina, the ACC sanctions competition in twenty-five sports in Division I of the National Collegiate Athletic Association for its twelve member universities...
academic honor roll three times. Though he was drafted by the MLB's
Major League Baseball
Major League Baseball is the highest level of professional baseball in the United States and Canada, consisting of teams that play in the National League and the American League...
Cincinnati Reds
Cincinnati Reds
The Cincinnati Reds are a Major League Baseball team based in Cincinnati, Ohio. They are members of the National League Central Division. The club was established in 1882 as a charter member of the American Association and joined the National League in 1890....
, he never played a game due to an injured elbow. He is currently the chairman of the Board of Visitors at the Fuqua School of Business
Fuqua School of Business
The Fuqua School of Business is the business school of Duke University in Durham, North Carolina, United States. It currently enrolls 1,340 students in degree-seeking programs...
at Duke and is a trustee on the Duke University Board of Trustees.
Schwartz currently resides in Greenwich, Connecticut
Greenwich, Connecticut
Greenwich is a town in Fairfield County, Connecticut, United States. As of the 2010 census, the town had a total population of 61,171. It is home to many hedge funds and other financial service companies. Greenwich is the southernmost and westernmost municipality in Connecticut and is 38+ minutes ...
, with his wife, Nancy Seaman, Chairman of Houlihan Lawrence Realty Corporation.