What is Bear Stearns?
The Bear Stearns Companies was a financial company in the United States. It was purchased by JPMorgan Chase. It was involved in securities trading and investment banking activities. The Company controls all operations from headquarters, located in New York City.
The Bear Stearns Operations
The Bear Stearns Companies offered capital markets broker and global clearing services to the customers. The Company was traded on New York Stock Exchange. It had commenced operations in 1923 with $500,000 in capital and was active in the market till 2008. It’s all customer and services are taken by JPMorgan Chase.
The Bear Stearns Companies Defunct
Decline of The Bear Stearns Companies was started in 2006. Most of mortgage-backed assets were affected by subprime mortgage crisis. Federal Reserve Bank of New York had helped the company by providing emergency loan in March 2008. But this effort could not help the Bear Stearns Companies to emerge from losses. JP Morgan
Chase has purchased it at the cost of just $10 per share.
JPMorgan Chase
JPMorgan Chase is one of the leading financial service providers in the United States. The Company has total assets of US$2.515 trillion. It was founded in 2000 and since then, it had acquired many small financial companies like
Bank One and Washington Mutual. The Corporate office of the company is located in Manhattan, New York City.