Alan “Ace” Greenberg, who presided over the expansion of Bear Stearns before its collapse helped precipitate the 2008 financial crisis, has died at 86, The New York Times reports.
As CEO of the Manhattan-based investment bank from 1978 through 1993, Greenberg expanded the number of employees from 1,000 to 6,300. Shareholders’ equity reached $1.8 billion by the time he stepped down as chief executive, after which he stayed on as an equities trader.
The Times cites Greenberg’s son as saying Greenberg died of complications from cancer.
Known as “Ace” on Wall Street, Greenberg was an avid bridge player with affinity for magic tricks, that headed Bear Stearns as CEO from 1978 to 1993, before handing the reigns of the firm over to James “Jimmy” Cayne.