JPMorgan Leads Hunt to Place Bear Workers

Firm pitches in to help 5K employees laid off after takeover
By Jim O'Neill,  Newser Staff
Posted May 19, 2008 10:10 AM CDT
JPMorgan Leads Hunt to Place Bear Workers
JP Morgan Chairman and Chief Executive Officer Jamie Dimon.   (AP Photo/Lawrence Jackson)

JP Morgan hopes to find jobs for 5,000 Bear Stearns employees cut when it acquired the brokerage in March, the Financial Times reports. CEO Jamie Dimon is sending letters to rivals and clients, and the company has contacted 1,800 firms urging them to consider former Bear workers. The approach could be used across Wall Street, which has pared 65,000 jobs—and counting—amid the credit crunch. (More Bear Stearns stories.)

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