PRICING SUPPLEMENT NO. 48                                        Rule 424(b)(3)
DATED: May 18, 2001                                          File No. 333-52902
(To Prospectus dated January 11, 2001,
and Prospectus Supplement dated January 11, 2001)


                                 $9,015,893,162
                         THE BEAR STEARNS COMPANIES INC.
                           MEDIUM-TERM NOTES, SERIES B


Principal Amount: $300,000,000   Floating Rate Notes [x]  Book Entry Notes [x]

Original Issue Date: 5/23/2001   Fixed Rate Notes [ ]     Certificated Notes [ ]

Maturity Date:  5/24/2004        CUSIP#: 073928UF8

Option to Extend Maturity:       No    [x]
                                 Yes   [ ]  Final Maturity Date:


                                              Optional            Optional
                         Redemption           Repayment           Repayment
   Redeemable On          Price(s)             Date(s)            Price(s)
   -------------       --------------       -------------        -----------

        N/A                  N/A                 N/A                 N/A

Applicable Only to Fixed Rate Notes:
-----------------------------------

Interest Rate:

Interest Payment Dates:

Applicable Only to Floating Rate Notes:
--------------------------------------

Interest Rate Basis:                     Maximum Interest Rate:  N/A

[ ]   Commercial Paper Rate              Minimum Interest Rate:  N/A

[ ]   Federal Funds Rate                 Interest Reset Date(s):  *

[ ]   Treasury Rate                      Interest Reset Period:  Quarterly

[ ]   LIBOR Reuters                      Interest Payment Date(s): **

[X]   LIBOR Telerate

[ ]   Prime Rate

[ ]   CMT Rate

Initial Interest Rate: 4.675%              Interest Payment Period: Quarterly

Index Maturity:  Three Months

Spread (plus or minus):  + 0.60%

*    On the 24th of each August, November, February and May prior to Maturity.

**   On the 24th of each August, November, February and May, including the
     maturity date.

The distribution of Notes will conform to the requirements set forth in Rule
2720 of the NASD Conduct Rules.