The Bear Stearns Private Client Services division, the last to use the name of the failed firm, is changing to JPMorgan Securities, spokesman Darin Oduyoye said. The rebranding was announced to brokers Friday on a conference call. Clients will see the new logo on their February statements.
JPMorgan, which acquired the unit in its March 2008 purchase of Bear Stearns, branded it "Bear Stearns: a JPMorgan Company." Bear Stearns joins firms including Salomon Brothers, Dillon Read and Donaldson Lufkin & Jenrette among brands that have disappeared from Wall Street in the past two decades.
"Even though the name goes away on the business cards and e-mails, there will always be a fondness," said Barry Sommers, the head of the division who joined from Bear Stearns. "We're still proud of the name and feel fortunate to be a part of JPMorgan."
The move comes after the unit had one of its best years in terms of hiring, client revenue and products offered, Sommers, 40, said.
Chief Executive Officer Jamie Dimon, the 53-year-old son and grandson of stockbrokers, said Oct. 27 that his New York- based bank planned to have as many as 1,000 of the "top, top, top" brokers.
JPMorgan hired 70 brokers in 2009, bringing the total to 386 who manage more than $60 billion in client assets, Oduyoye said. The commission-based pay structure won't change. The unit had 324 brokers at the end of 2008, company documents show.
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