Bear Stearns Hires David M. Platter as Head of the Financial Institutions Group.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 8, 2000

Bear, Stearns & Co. Inc. announced today that David M. Platter has joined the firm as a senior managing director and head of the Financial Institutions Group. The group will provide strategic investment banking services, including capital raising and mergers and acquisition advice, to a wide range of financial services companies, including insurance, finance, brokerage, asset management, Blue Cross/Blue Shield enterprises, depository institutions and other financial companies.

Commenting on the appointment, David Glaser, co-head of Investment Banking, said, "Mr. Platter's hire highlights Bear Stearns' expanding investment banking franchise, both in the US and in Europe. Having him lead our financial institutions effort further underscores our commitment to bolster our presence in this important sector as a meaningful strategic advisor, similar to the position we have achieved in our other areas of industry focus, including health care, telecommunications, technology, media and entertainment and real estate, gaming and lodging."

Mr. Platter joins the firm from Donaldson, Lufkin & Jenrette where he was a managing director in the financial institutions group. Prior to that he was an investment banker at Morgan Stanley covering financial institutions of all types since 1985. During his career, Mr. Platter has represented numerous insurance, asset management, banking and thrift and Blue Cross/Blue Shield companies, both large and small, including most recently The Metropolitan Life Insurance Company, CNA, Trenwick, Reinsurance Group of America, General American, Empire Blue Cross of New York and Blue Cross/Blue Shield United Wisconsin.

Mr. Platter said, "Bear Stearns has offered me a tremendous opportunity to direct its financial institutions business and build on a strong foundation already in place. I am quite excited to grow this particular franchise through selective new hires and believe we will establish Bear Stearns as a leading Wall Street provider of investment banking services to financial services companies."

Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately $24.6 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers global clearing services to broker dealers, prime broker clients and other professional traders, including securities lending. Headquartered in New York City, the company has more than 10,600 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, San Francisco and San Juan; and an international presence in Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, Sao Paulo, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit our Web site at http://www.bearstearns.com.