Great news! They saved the company. Bad news. They had to cut your job in order to do it. It could be worse you know.
More than 7,600 Bear Stearns Cos’ (BSC.N) employees, about 55 percent of its staff, are expected to lose their jobs as the troubled investment bank is absorbed into JPMorgan Chase & Co (JPM.N), JPMorgan Chief Executive James Dimon said Tuesday.
While discussing the historic $1.5 billion Bear Stearns takeover during Morgan’s annual shareholder meeting, Dimon said “we’re retaining 45 percent of Bear Stearns staff.”
Dimon’s remarks confirmed months of speculation that half of Bear’s employees would lose their jobs as a result of the merger. JPMorgan for weeks played down the speculation as premature.
Saving the entire company and 45% of the jobs is a good thing, right?
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