The turbulence at the top on Wall Street continues. Bear Stearns will be sporting a new CEO now that Jimmy Cayne has announced that he is stepping down from the position. Cayne is now the third major Wall Street firm with a new chief, following the shake-ups at Merrill Lynch and Citigroup.
It doesn't come as all that much of a surprise that Bear would make a change -- along with Merrill and Citi, the firm and its stock have been among the worst hit by the recent market turbulence. Unlike some of its other competitors, though, underperformance at Bear wasn't as localized to the debt markets, suggesting that there may be some bigger underlying problems
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