Dimon asks rivals not to poach Bear employees

Jamie Dimon, J.P. Morgan Chase & Co.'s chief executive, has apparently asked Morgan Stanley, Merrill Lynch & Co. and Credit Suisse Group management to "hold off" from hiring Bear Stearns Cos.' financial advisers, according to The Huffington Post and Dow Jones.

Continue reading below

A CEO of one of the major banks said, "This is outrageous. We will hire whoever we want," according to The Huffington Post.

Vault.com and Monster.com each have about 50 postings for banking jobs that do not include the companies Dimon may have spoke with, but do include J.P. Morgan.

It is not clear how many of Bear Stearns' 14,000 employees will be absorbed, but the rumor is that somewhere around 8,000 will be let go. Although some employees are hoping to get absorbed into J.P. Morgan, as this post on Yahoo Answers indicates, many employees are already searching.
 
"Bear Stearns professionals have been sending out their résumés, and this flow will only increase as the week goes on," said Michael Karp, chief executive officer of Options Group, to the International Herald Tribune.

Even if Dimon is trying to protect the system, the economy is in such a slump that many Wall Street firms are expected to cut more jobs, according to an article in The New York Times. This will only make matters worse for Bear employees, of whom many are "angry" and "depressed," even with the new deal, according to Reuters. - Maria Woehr

See more of The Deal's coverage of The JP Morgan & Bear Stearns deal.

-New bid to satisfy Bear shareholders?

-Bear Stearns gets S&P ratings boost

-Bear Stearns employees turn to Facebook

-Bear Stearns support group forming

-Bear Stearns shareholders want more

-How much is JP Morgan really willing to pay for Bear Stearns?

Post a comment

Name:

Email Address:

URL:

Remember personal info?

Comments: (you may use HTML tags for style)

Please only click "Post" once. It may take a few moments to process.

Deal Video

	Inside The Deal: Linklaters' Schmidt says how regulators handled Pfizer Inc.'s acquisition of Wyeth is an outlier of how others merger reviews will be conducted.
More video...

Elsewhere on The Deal.com

Dealwatch

• Kraft Foods Inc.
• BofA-Merrill Lynch
• AIG Inc.
• Yahoo!

The Deal Magazine

• Coyote ugly
• The new super-regionals
• Buyout blackball?
• Too big to flail

Corporate Dealmaker

• GM revamps Opel management for restructuring
• Linklaters' Schmidt on Pfizer-Wyeth review
• Exxon has a JV in what?
• JAL talks with Delta, American heat up

The Deal Video

• NYSE Euronext's Cutler on hot week for IPOs
• Financial services tech firms attract investors
• Oppenheimer's Heinberg on a CIT Group bankruptcy
• Technology M&A's tipping point

Categories

• Bankruptcy
• Corporate restructuring
• Deal international
• Dealmakers
• Featured
• IPOs
• M&A
• Middle market
• Law & regulation
• Private capital
• Conferences
• Technology

Blog roll

• BloggingBuyouts
• BloggingStocks
• Dealbook
• DealBreaker
• Deal Journal
• FT Alphaville
• footnoted.org
• Going Private
• peHUB
• Reuters Dealzone
• SEC Investor
• Prince Of Wall Street
• Bankruptcy Bill
• Information Arbitrage

Archives

• November 2009
• October 2009
• September 2009
• August 2009
• July 2009
• June 2009
• May 2009
• April 2009
• March 2009
• February 2009
• January 2009
• December 2008
• November 2008
• October 2008
• September 2008
• August 2008
• July 2008
• June 2008
• May 2008
• April 2008
• March 2008
• February 2008
• January 2008
• December 2007
• November 2007
• October 2007
• September 2007
• August 2007
• July 2007
• June 2007
• May 2007
• April 2007
• March 2007
• February 2007
• January 2007
• December 2006
• November 2006
• October 2006
• September 2006
• August 2006
• July 2006
• June 2006
• May 2006
• April 2006
• March 2006
• February 2006
• January 2006
• December 2005