David Malpass and John Ryding Named Bear Stearns Chief Economists

Business Wire, Dec 6, 2001

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 6, 2001

Bear, Stearns & Co. Inc. announced today that David Malpass and John Ryding have been named Chief Economists. Mr. Malpass will serve as Chief Global Economist and Mr. Ryding will serve as Chief Market Economist. The appointments follow the recent retirement of Wayne Angell, Bear Stearns' Chief Economist since 1994. The dual roles were created to better serve clients of the firm by devoting increased attention to two important economic areas.

As Chief Global Economist, Mr. Malpass will be responsible for evaluating and forecasting the US and global economies. Mr. Malpass will also provide Bear Stearns clients with Washington analysis and global investment themes.

In his capacity as Chief Market Economist, Mr. Ryding will provide analysis of the US economy and Federal Reserve policy and evaluate important market data. Mr. Ryding will work to develop economic analysis with equity and fixed income strategies and provide advice to the firm's clients.

Commenting on the appointments, James E. Cayne, chairman and chief executive officer of Bear Stearns, said, "We are extremely fortunate to have two very talented individuals to assume these new roles. David and John have made significant contributions to our firm over the years and are regarded as two of the top economists on Wall Street. I am confident they will prove even more valuable to our clients as they take on these expanded roles."

Mr. Malpass, a senior managing director, joined Bear Stearns in 1993. Previously, he held a series of economic appointments during the Reagan and Bush Administrations, including six years with Secretary James Baker at the Treasury and State Departments. He was also Republican Staff Director of Congress's Joint Economic Committee and Senior Analyst for Taxes and Trade at the Senate Budget Committee. Mr. Malpass received a bachelor's degree in physics from Colorado College and a master's degree in business administration from the University of Denver. He studied international economics at Georgetown University's School of Foreign Service.

Mr. Ryding, a senior managing director, has been with Bear Stearns since 1991. Previously, he was the Senior Economist on the Federal Reserve Bank of New York's Open Market Desk. During that time, he wrote biweekly reports on financial market developments and open market operations for the members of the Federal Reserve's Open Market Committee. Mr. Ryding began his career as a professional economist at the Economics Division of the Bank of England, where he became the youngest Economic Advisor in the Bank's history in 1987. Mr. Ryding graduated from Sidney Sussex College at Cambridge University in England.

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 $28.7 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 10,500 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Denver, Los Angeles, San Francisco and San Juan; and an international presence in Beijing, Dublin, Herzliya, Hong Kong, London, Lugano, Milan, Sao Paulo, Seoul, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit the firm's Web site at http://www.bearstearns.com.