Modern Bank names former Bear exec as CEO -WSJ
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 Web site.
Bear Stearns had 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. (Reporting by Euan Rocha; Editing by Braden Reddall)
