Monday, March 17, 2008

Pink Slips: Thousands face redundancy as Bear Stearns' new owners look for cuts (BSC)

From the Times of London:

Department heads from JPMorgan Chase yesterday began redundancy talks with their counterparts at Bear Stearns after securing a rescue deal late on Sunday evening to buy the bank for 6 per cent of its value last week.

While JPMorgan Chase refused to comment yesterday, it is thought that the American bank may be considering making half of the 14,000 Bear staff redundant....MORE