Jimmy Cayne Slays The 300More Layoffs Hit Bear Stearns

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Speaking of Jimmy Cayne, he’s just announced layoffs of about 300 people. That’s about 1.9% of the firm.
Dow Jones newswire quotes from a memo titled "workforce reduction" that bears (heh) Cayne’s imprimatur. According to DJ, the cuts will come "in various business units at all levels of the organization." Their will also be an attempt to throw more resources into areas where growth opportunities are greatest reduce them in areas that "can no longer justify their current level of infrastructure."
These three hundred come on top the 550 layoffs from its two mortgage-origination units, as well as the asset management executives who were let go following the collapse of two Bear hedge funds.
“Does this mean Matt Cooper will call for Cayne to be fired again today?” we were asked by the words appearing on our screen as we typed this.
Also, we can't help but wonder if the number of layoffs was in anyway related to this.
Bear Stearns Lays Off 300 Employees Firmwide [DJ Newswire at CNNMoney.com]

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