Bear Stearns Execs to Forgo Bonuses--WSJ
NEW YORK (Reuters) - Top executives at Bear Stearns Cos BSC.N, including Chief Executive James Cayne, will forgo bonuses for this year in an acknowledgment of the difficult period facing the company, according to The Wall Street Journal.
The expectation comes as Bear prepares to announce its first quarterly loss ever this week, the Journal reported, citing people familiar with the company's plans.
Bear Stearns this year just barely met a return-on-equity standard mandated by the current executive compensation plan, according to the report.
In a nod to the firm's dispiriting end-of-year results, Cayne and other senior executives decided not to take bonus pay, the Journal said in Wednesday's "Heard on the Street" column.
A spokeswoman for Bear could not immediately be reached for comment.
(Reporting by Nick Zieminski; Editing by Gary Hill)
