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Bear Stearns Securities Names CEO

Michael Minikes is the new head of the troubled firm's prime brokerage and global clearing.
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Bear Stearns

(BSC)

on Tuesday named Michael Minikes CEO of its prime brokerage and global clearing operations.

Minikes, who helped establish Bear's prime brokerage in the early 1980s, will take the reigns of Bear Stearns Securities, which he also helped found in 1991. Bear also named Robert Upton its treasurer.

"Mike has played a tremendous role in making Bear Stearns' clearing business one of the finest in the industry," Bear Stearns President and CEO Alan Schwartz said in a statement. "As CEO of

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Bear Stearns Securities, Mike's depth of knowledge, leadership and strong client relationships will continue to benefit the firm and our clients greatly."

The Wall Street bank was among the hardest hit firms as the market for mortgage-related securities began to unwind last summer. Bear last month

reported its first quarterly loss in its 84-year history and said it would write down $1.9 billion due to poorly performing mortgage securities. The firm also saw three internal hedge funds

shuttered, after poor bets on mortgage- and asset-backed securities.

The bank's performance eventually led to CEO James Cayne's decision to relinquish that title, though he remains chairman. Schwartz then assumed the CEO seat.

This article was written by a staff member of TheStreet.com.