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JPMorgan Hires Some Bear Stearns Workers; Thousands Lose Jobs in Merger

JPMorgan Chase & Co. of New York will make room for about 40 percent of the 14,000 Bear Stearns employees whose jobs were put at risk by the merger.

May 13, 2008
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Related Topics: Mergers and Acquisitions, Labor Relations, Retention, Latest News
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JPMorgan Chase & Co. of New York will make room for about 40 percent of the 14,000 Bear Stearns employees whose jobs were put at risk by the merger between the two companies, according to published reports.

On Monday, May 12, JPMorgan chief executive James Dimon stated that about three-fourths of hiring decisions have already been made.

JPMorgan will cut job positions to make room for talent coming in from Bear, making the net increase for JPMorgan approximately 3,000 hires.

Dimon also remarked that he has secured positions for an additional 1,500 Bear employees with other firms, according to reports.

Most of those not offered jobs were engaged in operations and technology positions.

The merger, expected to be completed by June 1, has been in the public spotlight since March 16, when JPMorgan purchased the Bear Stearns Cos. for $10 per share.

Filed by Matt Jacobs of Investment News, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

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