Only 60 of Bear Stearns Asset Management’s 450 employees will be offered jobs by JPMorgan Chase & Co., according to information BSAM employees gave to an executive recruiter. Of the 60 being retained, 40 are from its third-party risk aggregation subsidiary Bear Measurisk, New York. Dismissal dates for the 390 who will get pink slips are staggered — June 30, Sept. 30 and Dec. 30, said the recruiter, who asked not to be identified.
Few of the firm’s employees are waiting for their layoff notices. Recruiters said many investment staffers are using their daylight hours — when they actually go into Bear Stearns’ midtown Manhattan offices — to search for new jobs.
“Let’s just say there is not much incentive for them to keep going into the office these days. What I’m hearing is that many Bear execs go in and trade tips about job opportunities they’ve heard and then scatter by 10 in the morning,” said the New York-based recruiter.
