Bear Stearns has laid off more staff in its investment banking and fixed-income divisions in a sign that the bank has broadened its cull to include profitable and loss-making market segments.

Alex Hayek, a senior managing director in the telecoms team, was one of four investment bankers to leave on Thursday. He was the head of the "old guard", the original group of telecoms bankers at Bear Stearns before Michael Phair arrived with his highly paid unit of 11 from Dresdner Kleinwort Wasserstein in May 2000.