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November 22, 2008 2:48:08 CST

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JPMorgan Leads Hunt to Place Bear Workers

Posted May 19, 08 10:10 CDT in Business 

(Newser) – JP Morgan hopes to find jobs for 5,000 Bear Stearns employees cut when it acquired the brokerage in March, the Financial Times reports. CEO Jamie Dimon is sending letters to rivals and clients, and the company has contacted 1,800 firms urging them to consider former Bear workers. The approach could be used across Wall Street, which has pared 65,000 jobs—and counting—amid the credit crunch.

Source Financial Times (UK)

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JP Morgan Chairman and Chief Executive Officer Jamie Dimon.   (AP Photo/Lawrence Jackson)
Employees cross the lobby at Bear Stearns on Monday, March 17, 2008 in New York.   (AP Photo/Mark Lennihan)
People enter and exit the Bear Stearns corporate headquarters in New York.   (AP Photo/Mark Lennihan, file)
JP Morgan Chairman and Chief Executive Officer Jamie Dimon, left, and Bear Stearns president and Chief Executive Officer Alan Schwartz.   (AP Photo/Lawrence Jackson)
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Wall Street • subprime crisis • Bear Stearns • JPMorgan Chase • unemployment • credit market chaos


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