ADP Back-Office System Is Out, Retail Is In At Bear Sterns
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Bear Stearns & Co. will phase out the back-office processing services provided by long-time supplier Automatic Data Processing Inc. and move its back-office processing in- house, say sources close to ongoing negotiations between ADP and the brokerage firm. Bear Stearns' decision, details of which have yet to be finalized, is part of a larger agreement that involves retail brokerage and proxy services to be provided by ADP to Bear Stearns.
Bear Stearns will phase out the use of ADP's Brokerage
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