Let's start with some good news this morning. The Financial Times is reporting that JPMorgan Chase has launched "an unprecedented campaign" to find jobs for more than 5,000 people who are being laid off after the take rover Bear Stearns.
Jamie Dimon, JPMorgan's chairman and chief executive, has personally written to more than 30 clients, rivals and vendors to ask them to consider former Bear staff. People close to the situation said Mr Dimon was planning to send about 100 such letters.
And it's more than just a few letters. It's a major corporate initiative being headed up by Frank Bisignano, JP Morgan's chief administration officer. The bank has already assembled a database of 3,000 vacant positions across the industry. Basically, JP Morgan has set up a temporary financial job placement firm. (Of course, if you are worried you might need to find a new job, you don't have to wait for Jamie to find it for you. You can always take a look in our Career Center.)
JPMorgan seeks jobs for sacked Bear staff [Financial Times]
Posted by guest , May 19, 2008 9:35AM
First he shied away from looting Bear for $2 a share, and now this. He's a big softy, isn't he?
Posted by guest , May 19, 2008 9:41AM
JC, Bess, someone please address http://www.businessweek.com/magazine/content/08_21/b4085042677127.htm?chan=top+news_top+news+index_top+story
Posted by guest , May 19, 2008 9:45AM
Don't worry about Gen Y, they are all inter-connected, saavy, coddled information geeks who don't know how to make a buck.
Posted by guest , May 19, 2008 9:45AM
Don't worry about Gen Y, they are all inter-connected, saavy, coddled information geeks who don't know how to make a buck.
Posted by guest , May 19, 2008 9:55AM
does this mean that when an ex-b.s.-er becomes gainfully employed at a firm he wrote to, jpm then tries to clawback some redundancy payola because jamie personally placed him there?
Posted by onetwo , May 19, 2008 9:59AM
This sounds like the old joke, "take my wife...please."
But, really, what major problem hasn't been solved by a letter writing campaign? The plan is pretty much foolproof.
Although, if anyone has read "market for lemons" you can pretty much tell that the BSCers are still kinda f-ed.
There's always doostang...
Posted by Random Banker , May 19, 2008 10:33AM
1-2 the "market for lemons" scenario doesn't apply here (assuming all laid off Bear employee must continue to work) since they have no ability to with hold their service from the market they will be forced to take whatever price the market will bear for their services. Further still, since JP Morgan isn't going to be hiring back high quality employees unable to find other offers with a satisfactory salary, there's no mechanism for low quality employee to drive high quality employee from the market.
Posted by guest , May 19, 2008 10:38AM
jpm should hand out t-shirts to these losers -- JPM wont hire me, how about you?
Posted by counterclockwise , May 19, 2008 12:14PM
Not quite sure how I feel about all this ... It's so up and down with Dimon ... Jamie's so ruthless buying Bear @$2 a share; a week later Jamie pays $10 a share. It's still ruthless, and many take an enormous financial hit, but it's not quite as ruthless ... Jamie is planning to let go 60% of Bear employees, he's pretty ruthless ... wait, a minute, Jamie's writing 100 personal letters for job applications, made it a personal corporate initiative to find Bear employees jobs, assembled a database of 3,000 names ... Maybe he's not so ruthlesss.
Maybe he's like the kid in Animal House with a tiny red devil on one shoulder and a protective angel on the other. Which Jamie are we going to see today?
Posted by guest , May 19, 2008 12:47PM
it feels as if JD really cares for employees that are getting laid off in BSC. What about people he is laying off in JP itself? Even after making money for him he takes Bear people and pushes his own out.
Is there any letter writing campaign for 5000 JP employes that are fired?
Dimon is amazing in PR.
Posted by guest , May 19, 2008 12:48PM
it feels as if JD really cares for employees that are getting laid off in BSC. What about people he is laying off in JP itself? Even after making money for him he takes Bear people and pushes his own out.
Is there any letter writing campaign for 5000 JP employes that are fired?
Dimon is amazing in PR.
Posted by guest , May 19, 2008 12:49PM
it feels as if JD really cares for employees that are getting laid off in BSC. What about people he is laying off in JP itself? Even after making money for him he takes Bear people and pushes his own out.
Is there any letter writing campaign for 5000 JP employes that are fired?
Dimon is amazing in PR.
Posted by guest , May 19, 2008 12:49PM
it feels as if JD really cares for employees that are getting laid off in BSC. What about people he is laying off in JP itself? Even after making money for him he takes Bear people and pushes his own out.
Is there any letter writing campaign for 5000 JP employes that are fired?
Dimon is amazing in PR.
Posted by guest , May 19, 2008 12:49PM
it feels as if JD really cares for employees that are getting laid off in BSC. What about people he is laying off in JP itself? Even after making money for him he takes Bear people and pushes his own out.
Is there any letter writing campaign for 5000 JP employes that are fired?
Dimon is amazing in PR.
Posted by guest , May 19, 2008 12:49PM
it feels as if JD really cares for employees that are getting laid off in BSC. What about people he is laying off in JP itself? Even after making money for him he takes Bear people and pushes his own out.
Is there any letter writing campaign for 5000 JP employes that are fired?
Dimon is amazing in PR.
Posted by golden girl , May 19, 2008 1:00PM
Guest, you are amazing in PR as well. Repetition sells!
Posted by guest , May 19, 2008 1:02PM
Hey retard, take a look at the text immediately to the left of the comment box. To save the stress on your feeble brain I'll post it here for you.
"After submitting a comment it may take several minutes to appear. Please only submit your comment once."
Posted by guest , May 19, 2008 1:10PM
Is there an echo in here?
Posted by guest , May 19, 2008 1:22PM
has to be a hyperactive asian guy
Posted by guest , May 19, 2008 1:27PM
Has to be a hyperactive asian guy who just lost his job at JP
Posted by blndebnker , May 19, 2008 1:29PM
@guest repeatedly @12:49pm - I'm pretty sure the job-searching network will also be made available to laid-off JPMers.
Posted by Investorcluzo , May 19, 2008 1:53PM
please people...this is no different from the other banks. it's just that big jd has his IR/PR people taking the offensive here. writing personal letters to "clients" is different than writing recommendation letters for specific employees. 1 - 2 years down the road, jd hopes to have some people planted in these companies (in decision making roles) who somehow feel loyal to jpm and will give them the nod when banking business is doled out. altruism, yeah right! don't get hoodwinked...
Posted by guest , May 19, 2008 2:13PM
cluzo is now a long term strategic playahhhhh (with no cash)
Posted by guest , May 19, 2008 3:56PM
Bear had some 14,000 employees. Out of that how many will remain with JPM and how many are out of a job?
Posted by counterclockwise , May 19, 2008 4:07PM
guest@2:13pm. STFU.
guest@3:56pm. The last official word from Mr. Dimon himself was that 40% of Bear employeess would be offered jobs with JP Morgan Chase. However, they hadn't finished going through the entire company at the time that announcement was made. Let's go with 40%. That means that approximately 5,600 got a job with Bear Stearns, and 8,400 didn't. Of that 8,400, approximately 1,000 have already moved on to other jobs, leaving by my estimate 7,400 unemployed.
Posted by counterclockwise , May 19, 2008 4:10PM
guest@2:13pm. STFU.
guest@3:56pm. The last official word from Mr. Dimon himself was that 40% of Bear employeess would be offered jobs with JP Morgan Chase. However, they hadn't finished going through the entire company at the time that announcement was made. Let's go with 40%. That means that approximately 5,600 got a job with Bear Stearns, and 8,400 didn't. Of that 8,400, approximately 1,000 have already moved on to other jobs, leaving by my estimate 7,400 unemployed.
Posted by guest , May 21, 2008 1:10AM
For some funny side comments-cartoon, check out bearstearnslives.com