Alan Schwartz, the M&A banker who had the misfortune of becoming Bear Stearns CEO in January 2008, two months before the 85-year-old firm collapsed, appears to be headed to Goldman Sachs (GS).
Citing a source familiar with the negotiations going on between Goldman and Schwartz, Fortune says chances are about “50-50” that Schwartz will soon be a partner-level Managing Director at Goldman.
From Fortune: In addition to Goldman and Rothschild, the other firms Schwartz has reportedly spoken to about employment are JPMorgan Chase, Morgan Stanley and KKR. One person familiar with Schwartz’ conversations with Goldman said he has “enjoyed being wooed” by Goldman’s CEO Lloyd Blankfein. Others speculated that winning a position at Goldman would be the capstone to Schwartz’s investment-banking career and go far to remove any tarnish on his reputation as a result of his stewardship of Bear Stearns in its final months.
“Although the discussions could fall apart at the last minute” (Let’s be real here. If this news is leaking out, the deal is most likely sealed) – “hiring Schwartz would be a major coup for Goldman. There would also be the irony of Schwartz’s decision to work at Goldman despite the view of many conspiracy theorists…. that Goldman helped bring down Bear Stearns – a notion that Goldman’s [President] Cohn has dismissed as “preposterous and absurd.”
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