June 24, 2008 / 3:54 AM / 11 years ago

UPDATE 1-Modern Bank names former Bear exec as CEO-WSJ

(Adds details on other Bear Stearns executive departures)

NEW YORK, June 23 (Reuters) - Modern Bank, a New York-based private bank catering to the wealthy, has named Jeff Lane, who was briefly head of asset management at Bear Stearns, as chief executive, according to an article on the Wall Street Journal’s website.

Bear Stearns hired Lane in June 2007, when it was struggling with the failure of two prominent internal hedge funds, the report said.

Bear Stearns, which nearly collapsed in March as lenders snatched back their financing, was recently purchased by JPMorgan Chase & Co (JPM.N) for less than $10 a share.

Since the JPMorgan deal was finalized late last month, Lane has stayed on board to help with the money-management unit’s transition into the bigger bank, and he will start his new role on July 1, according to the article.

Modern Bank and JPMorgan were not immediately available for comment.

Separately, Bear Stearns mortgage-trading executives Scott Eichel and Jeffrey Verschleiser had taken jobs with Royal Bank of Scotland Group Plc (RBS.L) and Goldman Sachs Group Inc (GS.N), Bloomberg News reported on Monday, citing two people with knowledge of their plans.

Eichel, 33, was co-head of mortgage- and asset-backed bond trading, and will join Greenwich, Connecticut-based RBS Greenwich Capital Markets, Bloomberg reported. Verschleiser, 39, will help manage New York-based Goldman’s mortgage department, Bloomberg said.

Eichel and Verschleiser could not immediately be reached for comment. (Reporting by Euan Rocha and Robert MacMillan; Editing by Braden Reddall and Lincoln Feast)

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