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May 11, 2008 8:41:54 PM CDT

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Tough Market Greets Bear Castoffs  

Posted Apr 7, 08 10:13 AM CDT in Business    Editor's Choice

(newser) – Thousands of Bear Stearns employees face uncertain futures after the investment bank's takeover by JPMorgan, and they’re entering a Wall Street beset with problems and bereft of jobs, reports Reuters. "They are coming into a market at a time when Wall Street doesn't offer much opportunity," one analyst said. Of 26 top executive positions at JPMorgan, only five went to Bear employees.

Some workers already had their resumes out as the takeover news broke on an employment picture muddied by the credit crunch, said one recruiter. Bear employees aren’t the only ones affected; some JPMorgan execs likely will lose jobs in the merger, and recent graduates offered jobs at either bank could be left out in the cold.

Source Reuters

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Tough Market Greets Bear Castoffs
Bear Stearns president and Chief Executive Officer Alan Schwartz testifies on Capitol Hill in Washington, Thursday, April 3.   (AP Photo/Lawrence Jackson)
Tough Market Greets Bear Castoffs
People line up to attend a job fair on Wednesday, March 26, 2008 in New York. New York's financial community, hit by the subprime mortgage crisis, has suffered thousands of layoffs in 2008.   (AP Photo/Mark Lennihan)
Tough Market Greets Bear Castoffs
A man walks out of Bear Stearns in New York in this Friday, March 14, 2008 file photo.   (AP Photo/Mark Lennihan)
Tough Market Greets Bear Castoffs
Bear Stearns employees who've lost jobs in the takeover by JP Morgan face a tough employment market on Wall Street.   (AP Photo/Mark Lennihan, File)
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