Bear Stearns Firings May Exceed 10,000

More than 10,000, or 70%, of Bear Stearns (BSC) employees could lose their jobs when JP Morgan (JPM) completes its integration of the failed bank into its investment banking division, bankers say. But BSC employees aren’t the only ones with their jobs on the line. As many as 1,500 JPM staff also face the ax. Financial News:

A New York-based spokesman for JP Morgan said it was too early to say how many jobs would be lost as a result of the merger. The spokesman said: “We ultimately don’t know what the impact on jobs will be yet.”

Bear Stearns staff made redundant will receive nine months full pay and a cash payment equal to one-third of their bonus last year. According to one headhunter, many staff at Bear Stearns are already getting attractive offers from rivals, who are offering them a guarantee of their compensation last year to join.

Thank heaven for small favours.


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