Bear Stearns Employees Meet The New Boss

03/28/2008 05:12 am ET | Updated May 25, 2011
  • Landon Thomas Jr. and Eric Dash New York Times

James Dimon tramped through the rain on Wednesday evening and strode into the headquarters of Bear Stearns, the embattled investment bank he hopes to buy for a mere $2 a share.

Executives outside the New York headquarters of Bear Stearns on Wednesday. Many of Bear's 14,000 employees are expected to lose their jobs as a result of the JPMorgan deal.

More than 400 Bear executives -- seething, fearful and to their dismay, far poorer than they were a week ago -- were waiting for him.

Only days after his controversial deal for the beleaguered investment bank stunned Wall Street, Mr. Dimon, the chairman and chief executive of JPMorgan Chase, made an appearance at Bear Stearns, hoping to win over executives who have vowed to fight his offer. Mr. Dimon left many of them as angry and resentful as he found them.

"I don't think Bear did anything to deserve this," Mr. Dimon said. "Our hearts go out to you."