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 Former Bear, Stearns & Co. CEO Alan Schwartz reportedly is debating if he will accept a position of vice chairman at J.P. Morgan & Chase Co., where he would continue working as a dealmaker advising clients on mergers and acquisitions.
An unnamed source told the New York Post that Schwartz is having second thoughts in wake of J.P. Morgan's acquisition of Bear Stearns because more than half of Bear Stearns' 14,000 employees are now unemployed due to the acquisition. Though the pink slips flooding Wall Street were not a surprise, many of the employees, who already were searching for jobs, were surprised by J.P. Morgan CEO Jamie Dimon's request that Morgan Stanley, Merrill Lynch & Co. and Credit Suisse Group management not poach employees until after the deal, and employees were told they had to give the contractual obligatory 90-days notice before resigning. The job offer for Schwartz at J.P. Morgan is also a nonexecutive position. Additionally, the bank already has Jimmy Lee, a powerhouse dealmaker. Schwartz is expected to make his decision soon. - Maria Woehr See Dealscape: Bear Stearns layoffs begin Categories Deal Video
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