Merrill Lynch Hires Former Bear Stearns Managing Director John R. Tyers

New York, NY (AHN) - Merrill Lynch (MER) hired former Bear Stearns senior managing director John R. Tyers, according to a Dow Jones Newswire on Monday. Mr. Tyers will fill the president role of Merrill's Broadcort clearing services group.

The hiring is just another in many across wall street, since the JP Morgan (JPM) acquisition of Bear Stearns, many former Bear employees seek employment at other major investment houses.

Tyers most last role with Bear was co-head of broker/dealer and investment advisory services. Merrill brought Tyers aboard amidst its current job cutting initiative that calls for a reduction of 4,000 employees over the course of 2008. The company is looking to reduce costs in order to return to profitability.

Merrill is lower 4.4 percent in Monday afternoon trading.