Bear Stearns, which recently halted loan making in Irvine, reported today a quarterly loss of $854 million, much bigger than analysts expected, reports Reuters. Here’s more…
It was the first loss in the company’s history, and the bank decided top executives would not receive bonuses.
Bear Stearns said it took a $1.9 billion write-down in the quarter ended November 30, reflecting the reduced value of subprime mortgage-related securities. That was bigger than the $1.2 billion the company estimated in early November.
Hit by the collapse of two hedge funds last summer and poor financial results, Bear Stearns said there would be no bonuses for those at the top. Chairman and Chief Executive Jimmy Cayne, the subject of unflattering articles about his time playing golf and bridge, called the results “unacceptable.”
To read the full story CLICK HERE.
And CLICK HERE for more on its 150 layoffs in Irvine, or just scroll down a few blog posts.
