Bear Stearns has hired two senior bankers to develop its French investment banking business, despite a dramatic restructuring of the firm's European operations in the past year.

The two senior hires underline that Bear Stearns remains committed to building an investment banking business in Europe in selected areas, even though it has been forced to significantly reduce its headcount as market activity stagnates. The number of bankers at Bear Stearns in Europe has fallen by around 50% from its peak in August 2001 of 110 bankers.