Olivier Favre-Gilly, head of European equity capital markets (ECM) at Bear Stearns, has become the latest senior banker to leave the US bank after the expiry of a three-year bonus package.

Bear Stearns hired Favre-Gilly from Dresdner Kleinwort Wasserstein (DrKW) where he had been head of both the global telecoms and media team in 2000 at the height of the dotcom boom. The bank had ambitious plans to build its European ECM business from scratch as part of an aggressive expansion in European investment banking.