Bear Stearns buyer JP Morgan won’t waste any time eliminating “redundancies,” the Post says–and this could mean the firing of up to 7,000 Bear folks (half of the place) as soon as this week.
The who-stays-and-who-goes game is even more high-stakes than usual: With Wall Street in full meltdown, there aren’t a lot of new jobs to parachute into. Also, JP Morgan’s Jamie Dimon is trying to buy support for the deal by offer stock and cash bonuses to senior Bear folks who stay, so those who go will get double-nothing.
One bit of good news: We’re launching a cool new site and have jobs for 2-3 talented analysts (a year or so of investment banking or equity research experience would be ideal). We won’t drown you in cash the way Bear would have (if it hadn’t gone poof), but we need those same same analytical, writing, and competing skills. More importantly, you’ll get the fun and satisfaction of helping to build something from scratch, which is a hundred times more rewarding. (And business schools LOVE that crap). Please send note/resume to Henry Blodget: [email protected].