New CEO for Bear Stearns Securities Corporation

Michael Minikes has been named chief executive officer of Bear Stearns Securities Corporation (BSSC), which conducts Bear Stearns’ clearing operations. Robert Upton will assume the title of treasurer of the New York-based parent organisation The Bear Stearns Companies.

Minikes will oversee the clearing business, and serve the firm's prime brokerage and correspondent clearing clients. Minikes has worked at Bear Stearns' prime brokerage business since the early 1980s and played a role in forming the BSSC division in 1991.

In addition to his duties as treasurer of the holding company, Upton will continue to manage the firm's corporate treasury functions globally, which includes global funding, funding/liquidity risk management, capital raising and capital allocation, asset/liability and balance-sheet management, rating agency, bank and fixed-income investor relations, and transfer pricing/interest allocation within the firm.

See also:
Bear Stearns slashes 650 jobs
Bear Stearns adds two to structured equity team