Welcome to Wall Street! You're Fired

JP Morgan (JPM) is rescinding half of the job offers Bear Stearns (BSC) made to MBAs and other new hires, DealBook says.

Fired new hires will get to keep their signing bonuses and relocation grants of $50,000-$60,000 apiece, which means they’ll make more for not working a day than most junior folks in other industries make in a year. (Of course, relative to their friends, they’ll be impoverished). They’ll also be provided with career services.


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