Bear Whacks Another 650; Workforce Down 10%

Bear Stearns (BSC) is cutting another 650 jobs, or 4% of its workforce; since August, it has cut 10% of its 15,000 employees. Bear is blaming the cuts on the mortgage blowup, and it is punishing the fixed income group by focusing the cuts there.

Want a silver lining? It may be slightly easier to hire tech staff in the near future: The AP says cuts are likely to come from the operations side, including IT.

See Also:
Citi Planning to Ax 17,000-45,000?Recession Watch: We’re Probably Already In One
How Bad Could This Market Crash Get? Very
Fred Wilson: Recession No Problem for Web 2.0, VCs

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