Bear Stearns to swell Europe, Asia staff

Bear Stearns is planning a large-scale expansion in Europe and Asia, reported the Financial Times. The New York-based firm plans to increase its staff in Europe, from 1,300 to 2,000 within the next two years, while Asian staff will double from 400 to 800 over the same period, the newspaper quoted bank executives as saying. Bar Stearns employs about 14,000 staff in total. The growth, which will depend on benign market conditions persisting, will be focused in London, but will also involve the opening of offices in Paris and Frankfurt in the summer, according to the Financial Times. Bear closed its offices in Paris and Frankfurt in the 1990s. Bear Stearns plans to make its biggest European push in the area of prime brokerage, according to the report.