More Job Cuts At Bear Stearns

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Wounded 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]

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