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New Hires at Bear Stearns Axed Before They Start

Posted Apr 19, 08 4:30 AM CDT in Business 

(Newser) – Hundreds of college grads who thought they had landed dream positions with Bear Stearns were canned before their first day on the job, the Wall Street Journal reports. As the giant bank began to implode, the students were at first assured their new jobs were safe—but then were sent packing to hunt for work along with 38,000 others recently let go by the financial industry.

"The worst part is that it’s a really hard market for us to look for other jobs,” said one Bear almost-employee. They have one consolation: bosses at Bear's new owner, JPMorgan Chase, have said they can keep their hefty signing bonuses—if they promise not to sue over the rescinded offers.

Source New York Times

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A man walks out of Bear Stearns in New York in this Friday, March 14, 2008 file photo. To the drumbeat of signs that seemed to foretell a traditional recession, the near collapse of Bear Stearns added...   (AP Photo/Mark Lennihan)
The Bear Stearns headquartersand the JP Morgan headquarters are shown on Monday, March 24, 2008 in New York.   (AP Photo/Mark Lennihan)
An operations analyst with Bear Stearns takes a break outside the company's headquarters on Monday, March 17, 2008 in New York.   (AP Photo/Mark Lennihan)
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Wall Street • Bear Stearns • JPMorgan Chase • unemployment • layoffs


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