After weeks of anxiety-ridden anticipation, the Bear Stearns Cos. layoffs begin. As J.P. Morgan Chase & Co. completes its $10 a share takeover of the bank, the employees at Bear Stearns have started receiving letters that notify them if they will remain employed, reports Reuters.
Apparently half of Bear Stearns 14,000 employees are expected to be laid off. Many of the employees were held off from accepting new positions as Jamie Dimon, J.P. Morgan Chase's chief executive, apparently asked Morgan Stanley, Merrill Lynch & Co. and Credit Suisse Group management to not poach employees, and employees were told they had to give the contractual obligatory 90-days notice before resigning.
Alan Schwartz, the CEO that finagled the sale of sinking investment bank Bear Stearns, may have been invited to stay on as a vice chairman in the role of a senior dealmaker to advise J.P. Morgan's clients, but nothing will be announced until the letters have finished being distributed.
In the meantime there are 49 New York-based investment banking jobs posted on The Vault, 31 posted on Monster and hopefully more elsewhere on the Web. - Maria Woehr
After weeks of anxiety-ridden anticipation, the Bear Stearns Cos. layoffs begin. As J.P. Morgan Chase & Co. completes its $10 a share takeover of the bank, the employees at Bear Stearns have started 
