Wall Street

Latest CEO to Go: Bear Stearns’ Jimmy Cayne 

The mortgage mess has claimed another CEO from a major investment bank. The Wall Street Journal reports that embattled Bear Stearns CEO Jimmy Cayne will step down from his post as CEO of the Wall Street firm, but will retain his seat on the board. According to the WSJ report, Cayne is expected to be succeeded by the firm’s president, Alan Schwartz, characterized by the newspaper as “an investment banker known for his deal-making savvy.”