• 17 Aug 2007 at 9:42 AM
  • Banks

More Job Cuts At Bear Stearns

By Bess Levin

bearstearnsjobscutsWounded Bear Stearns is bleeding pink slips. Bear is the second-largest underwriter of mortgage bonds, and has felt a disproportionate amount of pain from the recent turmoil in the credit markets. Yesterday we learned that Bear had cut 100 jobs in its Encore unit, which is based in Irvine, California. This morning brings news of an additional 140 cuts from a Scottsdale, Arizona based mortgage unit.
These jobs cuts come while headhunters have started to talk about broader cuts that may hit Wall Street, particularly in the structured debt and other credit groups. With less leverage buyouts, a smaller market for structured debt products and tighter controls on margin lending, many believe that Wall Street firms will start looking for ways to make jobs cuts in these areas.
Bear Stearns Cuts 240 Mortgage Jobs, Person Says [Bloomberg]

Comments (17)

  1. 1
    Posted by wickerpark | August 17, 2007 at 10:14 AM

    Maria 2.0
    http://www.portfolio.com/executives/features/2007/07/09/CNBC-Erin-Burnett?TID=alsoin/maria

  2. 2
    Posted by Zbignew | August 17, 2007 at 10:44 AM

    And upon reading that, Maria B promptly hurled a half-empty vodka bottle through her monitor, trashed her dressing room, and physically assaulted three production assistants with a curling iron.

  3. 3
    Posted by JT | August 17, 2007 at 11:28 AM

    bfd if some mortgage brokers got laid off.

  4. 4
    Posted by MG | August 17, 2007 at 11:33 AM

    Not sure if those cuts (Irvine, CA; Scottsdale, AZ?) really count as “at Bear Stearns,” though I’m sure the NY guillotine has been raised at 47th and Madison.

  5. 5
    Posted by Anonymous | August 17, 2007 at 11:33 AM

    First they came for the mortgage brokers, but I wasn’t a mortgage broker…

  6. 6
    Posted by head chopper | August 17, 2007 at 11:35 AM

    Don’t worry Anonymous,
    We have you on your list.
    Now, which seat are you sitting at?

  7. 7
    Posted by de Cosmos | August 17, 2007 at 1:45 PM

    It’s soon to be Panda Bear Stearns anyway.

  8. 8
    Posted by Equities in Dallas | August 17, 2007 at 2:04 PM

    i wonder if the axe will come for their mortgage trading unit EMC…buddy quit his job and moved their 2 months ago. Perfect timing.

  9. 9
    Posted by Anonymous | August 17, 2007 at 2:14 PM

    I wonder if Panda Bear employees will have to swear allegiance to the Communist Party and vote unanimously in meetings.

  10. 10
    Posted by Anonymous | August 17, 2007 at 2:57 PM

    Someone I know is/was senior-level trader on the CDO desk in the Mortgage Department at Bear .. He traded cash CDO’s and managed synthetic transaction, according to a friend. Is it safe to assume he has been canned?

  11. 11
    Posted by Anonymous | August 17, 2007 at 2:58 PM

    Someone I know is/was senior-level trader on the CDO desk in the Mortgage Department at Bear .. He traded cash CDO’s and managed synthetic transactions, according to a friend. Is it safe to assume he has been canned?

  12. 12
    Posted by Anonymous | August 17, 2007 at 2:58 PM

    Someone I know is/was senior-level trader on the CDO desk in the Mortgage Department at Bear .. He traded cash CDO’s and managed synthetic transactions, according to a friend. Is it safe to assume he has been canned?

  13. 13
    Posted by Anonymous | August 17, 2007 at 2:59 PM

    Someone I know is/was senior-level trader on the CDO desk in the Mortgage Department at Bear .. He traded cash CDO’s and managed synthetic transactions, according to a friend. Is it safe to assume he has been canned?

  14. 14
    Posted by Anonymous | August 17, 2007 at 3:13 PM

    Someone I know is/was senior-level trader on the CDO desk in the Mortgage Department at Bear .. He traded cash CDO’s and managed synthetic transactions, according to a friend. Is it safe to assume he has been canned?

  15. 15
    Posted by Anonymous | August 17, 2007 at 3:14 PM

    Someone I know is/was senior-level trader on the CDO desk in the Mortgage Department at Bear .. He traded cash CDO’s and managed synthetic transactions, according to a friend. Is it safe to assume he has been canned?

  16. 16
    Posted by Anonymous | August 17, 2007 at 3:14 PM

    Someone I know is/was senior-level trader on the CDO desk in the Mortgage Department at Bear .. He traded cash CDO’s and managed synthetic transactions, according to a friend. Is it safe to assume he has been canned?

  17. 17
    Posted by Anonymous | August 17, 2007 at 3:18 PM

    Someone I know is/was senior-level trader on the CDO desk in the Mortgage Department at Bear .. He traded cash CDO’s and managed synthetic transactions, according to a friend. Is it safe to assume he has been canned?

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