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J.P. Morgan Integrates
Bear Senior Managers

J.P. Morgan Chase & Co. pulled a number of senior managers from Bear Stearns Cos. into the upper ranks of its investment bank, representing the latest efforts to integrate the two firms following their shotgun marriage.

Details were announced Friday in an internal memo from Steve Black and Bill Winters, who run J.P. Morgan's investment bank -- one of the largest parts of the massive financial institution. As expected, J.P. Morgan veterans will dominate the top positions in the investment bank.

The memo didn't address the potential roles of Bear's top executives, including Chief Executive Officer Alan Schwartz or Chief Financial Officer Sam Molinaro.

"There are still ongoing discussions with other key leaders on their roles, and more announcements from us will be following shortly once final decisions are made," according to the memo.

Jeff Mayer, a former member of Bear's five-person executive committee and a co-head of fixed income, was named vice chairman of J.P. Morgan's investment bank, with a focus on global risk. J.P. Morgan also named Craig Overlander, the other fixed-income co-head, as a vice chairman to focus on global clients.

Mike Nierenberg, who ran global rates and foreign exchange at Bear, was named co-head of global securitized products with Bill King, who previously held the position alone at J.P. Morgan.

Peter Cherasia, who ran Bear's technology and operations businesses, will do the same thing at J.P. Morgan's investment bank, as well as oversee its real-estate businesses. He is essentially succeeding Mike Ashworth, who will now run the firm's global technology infrastructure.

J.P. Morgan also gave additional responsibilities to one of its own senior bankers. Douglas Braunstein, who has been head of investment banking and global mergers and acquisitions, will also now oversee J.P. Morgan's equity and debt capital-markets activities. Jeff Urwin, a senior Bear investment banker, will oversee the firm's investment bankers who focus on specific industries and clients on a day-to-day basis.

J.P. Morgan is fast-tracking the integration even though the deal hasn't been officially completed, which is expected in the near future.

Write to Robin Sidel at robin.sidel@wsj.com¹

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