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Bear Stearns gets the axe
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Bear Stearns gets the axe
May 12th 2008
LONDON AND NEW YORK - JP Morgan has taken a hatchet to Bear Stearns' foreign exchange business in London and New York, with 62 of 73 positions set to be put on notice, according to a senior Bear Stearns official.
In New York, 28 out of 34 people working in foreign exchange are expected to receive consultation letters this week. In London, where letters from the takeover bank arrived last week, around 33 of the 39-strong team received notification they had entered a consultation period, which could result in their jobs being made redundant.
Senior management that received letters of consultation included David Schoenthal, global head of... Full Story |
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Submitted May 11, 2008 5:49pm
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