One of the oldest financial services firms in the world, JPMorgan Chase & Co (NYSE: JPM), has hired about 6,000 people out of Bear's 14,000 employees.
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| JPMorgan Chase & Co to decide fate of Bear Stearns' employees |
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JPMorgan is even going to cut from its own staff to make room for Bear Stearns employees.
The remaining employees will learn about decisions in the next two weeks. They are mostly in charge of technology and operations, and may face a lower percentage of job offers.
The company gave no comment.
On March JPMorgan Chase announced that it had plans to acquire Bear Stearns &Co. Inc. in a stock swap worth $2.00 per share or $240 million pending mutual shareholder approval scheduled within 90 days. Until then, JPMorgan Chase has agreed to guarantee all Bear Stearns trades and business process flows.
On March 18 2008, JPMorgan Chase purchased Bear Stearns for $236 million. The stock swap was completed in the late night hours of March 18 2008, with JPMorgan exchanging 0.05473 of each of its shares for one Bear share, which were valued at $2 each. A revised offer was announced at approximately $10 per share. Under the revised terms, JPMorgan immediately acquired a 39.5% stake in Bear Stearns (using newly issued shares) at the new offer price and gained a commitment from the board (representing another 10% of the share capital) that its members would vote in favor of the new deal.
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