6 big banks, 6 big shake-ups

The mortgage mess has unleashed a restructuring wave as banks try to clean house.

Bear Stearns
Bear Stearns
Who's out: Co-president and chief operating officer Warren Spector lost his job in August after the meltdown of two Bear Stearns hedge funds.

Spector's departure left Alan Schwartz the company's sole president, while chief financial officer Samuel Molinaro added the duties of chief operating officer to his responsibilities.

What's shaking: In addition to changes at the top, Bear has been eliminating jobs across its mortgage and investment banking businesses, resulting in an estimated 600 job cuts in those areas.

Cause of concern: Two of of the Wall Street firm's hedge funds heavily invested in subprime securities blew up in June, fanning a global credit squeeze. Bear booked a $200 million loss in the third quarter related to the hedge funds.


Merrill Lynch

Bank of America

Bear Stearns

Lehman Brothers

Morgan Stanley