Bear Stearns employees are flooding Wall Street with their resumes as the firm is acquired by rival JPMorgan Chase, but the job market looks bad, investment bankers and recruiters said.
On Friday, JPMorgan announced its first top-level management jobs since the banks initially reached their agreement to merge on March 16. Of 26 executives named to executive positions in the investment banking and trading division, only five are from Bear Stearns.
Business line executives will announce the next level of management decisions by mid-April, but many Bear Stearns employees aren't waiting that long.
Additionally, CNBC's Charlie Gasparino reports:
Sources are telling me, and these run official sources inside the firm, that at least 7,000 people of the 14,000 will go, maybe it will be a little higher. JP Morgan says there's no official number right now, but here's an interesting aspect of this. They kind of acknowledge that it's going to be messy, so they have set up sort of an outplacement service for these people and that's what's going on right now. I will say this. I've talked to a lot of people on the street who are talking to many Bear Stearns executives, and while they don't give high marks to the people who ran the firm, and obviously did not run it very well at end, a lot of Bear Stearns people, like a lot of people at the other firms, liked the typical run-of-the-mill Bear Stearns executive, the banker, the equity people. They are really scrappy and know how to make money so hopefully they all get jobs.