JPMorgan could cut 7,000 Bear jobs
JPMorgan Chase, which bought Bear Stearns for $240 million, expects to cut about half of Bear's 14,000 employees.
JPMorgan Chase & Co., which acquired beleaguered investment bank Bear Stearns Cos. for $240 million, or $2 per share, expects to cut about half of Bear’s 14,000 employees, according to a report on CNBC television.
JPMorgan said it was interested in Bear’s prime brokerage, securities clearing and equity trading businesses, and believes that Bear’s investment bankers can help expand the bank’s financial advisory business, according to a Reuters report.
The company is expecting the deal to generate $6 billion in expenses from severance and retention to litigation and asset write-downs.
JPMorgan officials were not immediately available to comment.
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