William Welsh Joins Bear Stearns Private Client Services as San Franci

    Business Editors

    NEW YORK--(BUSINESS WIRE)--Feb. 14, 2005--Bear, Stearns & Co. Inc. announced today that William Welsh has joined the firm's Private Client Services Division as a senior managing director and executive director of the San Francisco branch office. Mr. Welsh, who has more than 20 years experience in the brokerage sector, will help grow the firm's Private Client Services franchise in San Francisco. Mr. Welsh will work in coordination with the firm's San Francisco branch manager, Cliff Mallery.
    Commenting on the hire, Steve Dantus, senior managing director and head of Bear Stearns' Private Client Services, said, "We are extremely pleased that Bill is joining us. Our commitment over the past few years has been to engage the best of the best, and hiring Bill, who has an impressive track record of working with brokers and clients, is another important step in that direction. We believe that we have a great opportunity to continue to grow our PCS business in San Francisco, and we are confident that his experience, reputation, and enthusiasm will help us to reach our goals."
    Mr. Welsh added, "Bear Stearns stands out as a place where top producers in the industry can thrive. The firm's product offerings, resources, and culture are exceptionally compelling. I look forward to successfully expanding Bear Stearns' presence in the San Francisco area."
    Mr. Welsh joins Bear Stearns after nearly 20 years at Lehman Brothers, the last eight running the firm's San Francisco Private Client and Global Cash Management businesses. In addition, he served as Regional Manager for the Private Client business in the Western United States. His experience has focused on private client, middle market and corporate client businesses. Mr. Welsh also has a strong track record of recruiting successful brokers during his tenure at Lehman. He earned an undergraduate degree from St. Louis University.
    Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately $46.1 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers prime broker and broker dealer services, including securities lending. Headquartered in New York City, the company has approximately 11,000 employees worldwide. For additional information about Bear Stearns, please visit the firm's Web site at http://www.bearstearns.com.

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CONTACT: Bear, Stearns & Co. Inc. Jane Slater, 212-272-3933 JSlater1@Bear.com

KEYWORD: CALIFORNIA NEW YORK INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES SOURCE: Bear, Stearns & Co. Inc.

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