More blood is going to flow. Hundreds more redundancies are expected in the City imminently as JPMorgan disclosed yesterday that it would cut nearly 8,000 Bear Stearns jobs worldwide after the two banks merge next month.
The redundancies are on top of the 4,000 cuts expected to be made among JPMorgan staff and the 1,300 at Lehman Brothers.
Jamie Dimon, the chief executive of JPMorgan, said that he planned to cut about 55 per cent of the staff at Bear Stearns, the Wall Street firm that he agreed to buy in March after a mass desertion by its lenders and customers that had left it on the brink of collapse. The bulk of the Bear Stearns job cuts will be in New York, although London is not expected to escape unscathed.
The Bear Stearns job cuts will come on top of 4,000 redundancies among JPMorgan executives that are related to the merger as well as to the fallout from the American housing crisis.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_
finance/article3981531.ece
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