Jeff Dorman, co-head of global clearing services and senior managing director of prime brokerage services at Bear Stearns, stepped down late last week.
Dorman, who joined Bear in May 2006, co-headed prime brokerage with Louis Lebedin, senior managing director. Prior to joining Bear, Dorman headed up Lehman Brothers' equity finance division.
Dorman's departure comes during a turbulent time at Bear's prime brokerage unit. Last week Bear, a long-time leader in prime brokerage, closed its 12-person Chicago office.
A Bear spokesman declined to comment.
Separately, Bear was ordered by a federal bankruptcy judge this week to return about $160 million