JPMorgan Chase has extended jobs offers to about 6,000 Bear Stearns employees, Reuters is reporting this morning. Bear is thought to have had around 14,000 employees just prior to the announcement of the acquisition.
Reuters source is “a person familiar with the situation” which we’re taking to mean someone at JP Morgan who spoke on the condition that the quote not be attributed to them.
There may still be additional hires, however, as this morning JP Morgan head honcho Jamie Dimon said only about three-fourths of the personnel decisions had been made. But it's not exactly like they're saving the best for last, so the folks who still haven't heard probably shouldn't get their hopes up.
“The remaining roughly 3,500 employees will learn their fates in the next two weeks. These staffers, mostly in technology and operations, and will likely see a lower percentage of job offers,” Reuters reports.
Not all of those offered jobs by JP Morgan are accepting them. According to our own sources familiar with the situation, many Bear employees have been offered jobs at JP Morgan at substantially lower levels—and lower pay—than they enjoyed at Bear. Some in highly regarded units of Bear have been swept up by other competitors.
JPMorgan offered jobs to 6,000 Bear staff: source [Reuters]
Posted by guest, May 13, 2008 11:03AM
"ear employees have been offered jobs at JP Morgan at substantially lower levels—and lower pay—than they enjoyed at Bear"
to the victor goes the spoils...