[ by Melanie Gretchen ]

Eric Gleacher will depart the investment bank he founded in the 1990's, Gleacher & Company, in search of opportunities to become a freelance adviser.   Mr. Gleacher, 72, a 40 plus-year veteran of Wall Street, has distinguished himself as one of Wall Street's top deals bankers.

Before founding the investment bank, the chairman of Gleacher and former Marine, had originated the M&A department at Lehman Brothers.  That was in 1978, and he later went to Morgan Stanley where he headed the deal team from 1985 to 1990.  

As business deals dried up, creating a void that new regulatory constraints seemed to fill, and the Nasdaq considered whether to delist the investment bank because its stock price had been sitting below $1 a share for months-  a matter the firm is appealing - Eric Gleacher brought in Credit Suisse to explore options to sell the business.

Anything But Retire.   Mr. Gleacher has no intention of retiring. For one thing, it doesn't look like the firm has worn him down - it's just that this past November, Mr. Gleacher saw opportunities where he advice could be put to better use.

At the time, he had just finished working on the sale of Archstone, the real estate company once owned by Lehman Brothers  – but the number of companies seeking his advice might suggest that his talent could be put to better use.

This in turn prompted Eric Gleacher to remark:  "As the business model on Wall Street changes, I'm looking forward to working with CEO's and investors in helping them realize their goals.  I'm looking forward to doing so in an independent manner.  To me, retirement is just time allocation.  I've always just enjoyed what I've done."

For further details, go to [Dealbook, 1/29/13].