Bear Stearns has laid off at least nine analysts in its U.S. high-grade and high-yield research groups recently, according to firm officials. The layoffs come on the heels of reductions in European credit research (BW, 1/7).
In this latest round, four senior analysts were let go: Vince Fea, high-grade retail analyst, Valerie Whalen, high-yield wireline telecom analyst, Amy Brown, healthcare and restaurant analyst, and a banking analyst whose name could not be determined. Up to nine junior analysts were also released, among whom were Ted Bronstein and Geoffrey Smith in the high-yield group, and high-grade analysts Chris Voelker and Wayne Klein, as were publishing and office staff, according to Bear Stearns research officials. Klein declined comment when reached at home, and Fea and Voelker did not return calls to their homes. The other analysts could not be reached.
Responsibility for coverage has shifted to other analysts in the group. Calls to heads of Bear Stearns' research division were referred to Russell Sherman, a firm spokesman, who declined to comment as to why the firm has made so many recent cuts to the group.