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Dimon asks rivals not to poach Bear employees

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Published March 25, 2008 at 5:09 PM
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.

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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?



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