Alan David Schwartz is an American businessman and is the executive chairman of

Guggenheim Partners Guggenheim Partners, Inc is a global investment and advisory financial services firm that engages in investment banking, asset management, capital markets services, and insurance services. Guggenheim has c. 2,000 employees. The firm has offices ...

, an

investment banking Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by und ...

firm based in

Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

and

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

. He was previously the last president and

chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

Bear Stearns The Bear Stearns Companies, Inc. was an American investment bank, securities trading, and brokerage firm that failed in 2008 during the 2008 financial crisis and the Great Recession. After its closure it was subsequently sold to JPMorgan Chas ...

when the

Federal Reserve Bank of New York The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System, which encompasses the New York (state), State of New York, the 12 norther ...

forced its March 2008 acquisition by JPMorgan Chase & Co.

Early life and education

Born in

Bay Ridge, Brooklyn Bay Ridge is a neighborhood in the southwest corner of the New York City borough (New York City), borough of Brooklyn. It is bounded by Sunset Park, Brooklyn, Sunset Park to the north, Dyker Heights, Brooklyn, Dyker Heights to the east, the Nar ...

, he is the son of a

Jewish Jews (, , ), or the Jewish people, are an ethnoreligious group and nation, originating from the Israelites of History of ancient Israel and Judah, ancient Israel and Judah. They also traditionally adhere to Judaism. Jewish ethnicity, rel ...

traveling salesman and Presbyterian housewife from Kansas. Schwartz is a 1972 graduate of

Duke University Duke University is a Private university, private research university in Durham, North Carolina, United States. Founded by Methodists and Quakers in the present-day city of Trinity, North Carolina, Trinity in 1838, the school moved to Durham in 1 ...

. There he pitched on the baseball team as a scholarship athlete, making the ACC academic honor roll three times. He was drafted as a pitcher by the

Cincinnati Reds The Cincinnati Reds are an American professional baseball team based in Cincinnati. The Reds compete in Major League Baseball (MLB) as a member club of the National League (baseball), National League (NL) National League Central, Central Divisi ...

but never reported due to an injury.

Career

Alan Schwartz joined

in 1976, first working in

Dallas Dallas () is a city in the U.S. state of Texas and the most populous city in the Dallas–Fort Worth metroplex, the List of Texas metropolitan areas, most populous metropolitan area in Texas and the Metropolitan statistical area, fourth-most ...

. In 1979, he was appointed the director of research and investment in

. In 1985, he became executive vice president and head of Bear Stearns' Investment Banking Division.Duke Magazine: "Board Nominates Alumni Trustees"
January 31, 2005 He became Co-President and Co- COO on June 25, 2001. Schwartz became sole President and COO in August 2007 after Warren Spector (the original heir-apparent to Chairman and CEO Jimmy Cayne) was forced to resign in the wake of the collapse of two hedge funds, which foreshadowed the upcoming subprime mortgage crisis and financial meltdown. Schwartz became CEO in January 2008. When Schwartz became CEO, Bear Stearns stock traded around $75 per share; however, the share price continued to drop as the financial crisis worsened over 2007-08. Within a week of its near collapse and merger with

JPMorgan Chase JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational financial services, finance corporation headquartered in New York City and incorporated in Delaware. It is List of largest banks in the United States, the largest ba ...

on March 16, 2008, the shares were trading at $5.33 per share. After the deal with JPMorgan was announced, the fire sale price of the stock prompted a reportedly angry confrontation between Schwartz and senior trader Alan Mintz in the company gym. Schwartz stayed on with JPMorgan for a short while to manage the transition but declined a permanent senior position with the firm. Schwartz also turned down offers from rival investment banks

Goldman Sachs The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...

and

Morgan Stanley Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients in ...

. In June 2009, Schwartz became executive chairman of

, an

firm based in Chicago and New York. According to Schwartz, the new job meant "fate has dealt iman opportunity to start from scratch." Schwartz is also the chairman of the Board of Visitors at the

Fuqua School of Business The Duke University Fuqua School of Business (pronounced ) is the business school of Duke University, a Private university, private research university in Durham, North Carolina. It enrolls more than 1,300 students in degree-seeking programs. Du ...

at Duke and is a trustee on the Duke University Board of Trustees. In 1994, Schwartz was elected to the

Common Cause Common Cause is a watchdog group based in Washington, D.C., with chapters in 35 states. It was founded in 1970 by John W. Gardner, a Republican, who was the Secretary of Health, Education, and Welfare in the administration of President Lyndon ...

National Governing Board. In 2006, he was a founding board member of the Robin Hood Foundation.

Personal life

Schwartz resides in

Greenwich, Connecticut Greenwich ( ) is a New England town, town in southwestern Fairfield County, Connecticut, United States. As of the 2020 United States census, 2020 census, it had a population of 63,518. It is the largest town on Gold Coast (Connecticut), Connectic ...

, with his wife, Nancy Seaman, chairman of Houlihan Lawrence Realty Corporation. They have five children.

References

External links

You Can Just Call Alan D. Schwartz ‘Mr. Smooth’
from ''New York Magazine''

from '' Triangle Business Journal''
Alan David Schwartz
in

Finra The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that financial regulation, regulates member brokerage firms and exchange (organized market), exchange markets. ...

website {{DEFAULTSORT:Schwartz, Alan American chief executives of financial services companies Duke University alumni Living people 1950s births Place of birth missing (living people) Bear Stearns Duke University trustees American chief operating officers People from Bay Ridge, Brooklyn Bear Stearns people Yale Sterling Professors Presidents of the United States Tennis Association Year of birth missing (living people)