Although J.P. Morgan has already let go 10,000 of Bear Stearns' 14,000 employees, if a Reuters report is true, 2,000 Bear staffer may replace 4,000 J.P. Morgan personnel.
Meanwhile, CNBC, reporting on a "town-hall" speech Jamie Dimon and investment banking heads Steve Black and Bill Winters gave to a 1,000 workers Tuesday, wrote:
JPMorgan has cut its investment banking staff so far this year by about 15 percent, and Winters suggested that additional layoffs at JPMorgan could be in cards given the market environment.
Despite the involvement of Black and Winters, there was no word about former Bear Stearns CEO Alan Schwartz, who allegedly was offered a vice chairman position at J.P. Morgan, where he would continue working as a dealmaker advising clients on mergers and acquisitions.
J.P. Morgan's employment of Bear Stearns personnel has been a hot topic from the moment J.P. Morgan offered to save the smaller troubled peer. At the time, Dimon requested that Morgan Stanley, Merrill Lynch & Co. and Credit Suisse Group management not poach Bear Stearns employees until after the deal was complete, and Bear employees were told they had to give the contractual obligatory 90-days notice before resigning.
Wall Street investment banks have been taking a beating with subprime and credit losses. There are varying reports of how many pink slips have been doled out on the street. There is an estimated worldwide total of 4,000 dismissals at Morgan Stanley, 5,000 at Merrill Lynch, 7,000 at UBS and 16,000 at Citigroup, according to New York Magazine. At the end of May there were 22,000 job cuts on Wall Street, according to Crain's New York (which sums up what firms let how many go so far) and 60,000, according to Reuters. - Maria Woehr
See Dealscape: More Wall Street layoffs at Goldman Sachs
See Dealscape: More Lehman layoffs
See Dealscape: Bear Stearns layoffs begin
As J.P. Morgan Chase & Co. continues to integrate Bear Stearns Cos., it may issue more pink slips, according to various media reports. 
