Bear Stearns was founded as a partnership in 1923 primarily as an equity trading house. Within ten years, the firm moved into the institutional bond business and arbitrage, followed by investment banking and correspondent clearing. Today, Bear Stearns is an investment banking and brokerage firm serving domestic and international corporations, governments, institutions and private investors. As a leading worldwide investment bank, Bear Stearns has built its franchise across a wide spectrum of capabilities, industries and product lines, including corporate finance, mergers and acquisitions, public finance, institutional equities and fixed income sales and trading, private client services, foreign exchange and futures sales and trading, research, derivatives, asset management and correspondent clearing. On October 29, 1985, Bear Stearns became a public company and listed its shares on the New York Stock Exchange. Three years later, the firm completed its relocation to 245 Park Avenue from its previous headquarters at 55 Water Street. The years since have witnessed an extraordinary and exciting transformation across its entire business. The period has been one of substantial capital growth and geographic reach. It has been one in which the firm continued to strengthen its core business as well as commit to many new and profitable ones. Of utmost significance has been the emergence of a premier investment banking capability. The result has been Bear Stearns' participation in some of the most high-profile transactions in its industry. Throughout its 75-year history, Bear Stearns has not had an unprofitable year. Bear Stearns has solidified its reputation by carefully managing its capital and underwriting commitments in order to achieve disciplined and sustained growth. It has been generated without any outside acquisitions or mergers. Concurrent with its domestic growth in recent years, Bear Stearns has been able to maintain its unique client-driven culture which fosters strong management and leadership, entrepreneurial drive, teamwork and adept risk management.