Huffpost Business

Bear Stearns To Cut 650 Jobs

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Bear Stearns Cos., the nation's fifth-largest investment bank, on Wednesday said it will cut 4 percent of its staff in further fallout from the summer's mortgage turmoil.

The company will cut 650 jobs in all departments from its staff of about 15,500. This marks the third wave of layoffs at the battered investment bank, which as of last month had cut about 900 positions throughout the firm.