US bank in Northern Rock-like slide

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It is a move which raises the spectre of crisis-hit mortgage lender Northern Rock.

Bear Stearns said a cash crisis for the business had worsened in the past 24 hours.

The company's shares had fallen almost 20% in the past week as doubts over its funding position spread through the markets.

The firm will access funds from fellow investment bank JP Morgan Chase and the US Federal Reserve for an initial period of up to 28 days.

Bear Stearns blamed "market chatter" for its deteriorating liquidity position, and said the cash injection would allow it to continue normal operations.

The Bear Stearns bail-out worsened fears over the impact of the credit crunch on the global banking system and sent stock markets in London and New York plunging into the red.

Chief executive Alan Schwartz said: "Bear Stearns has been the subject of a multitude of market rumours regarding our liquidity."

The bank, which has 14,000 staff and a base in London, said it was in talks with JP Morgan over "permanent financing or other alternatives" - likely to include a takeover.

But it gave no guarantees that any alternatives for the business would be successfully completed, sending its shares plunging by almost half as investors feared the worse.