Bear Stearns chairman becomes Europe boss

Michel Peretie, chairman of Bear Stearns’ international arm, has been appointed to the new post of chief executive in Europe.

James Cayne, chairman and chief executive of the group, said the position had become necessary as the investment bank’s European franchise had grown in strength and importance.

Peretie retains the supervisory role of chairman of Bear, Stearns International Limited, which he has held since January 2004. He was previously head of fixed income and derivatives for Europe and Asia, after working at BNP Paribas as global head of fixed income.

He will continue to be based in London, and report to the bank’s senior executives in New York.