Bear Stearns slashes 650 jobs

The cuts, most which are expected to be in the firm’s fixed-income division, come on top of 900 job cuts in August, including 240 in Bear Stearn's mortgage-lending unit.

By the end of the fourth quarter, the biggest underwriter of US mortgages will have slashed more than 10% of its 15,000-strong global workforce, of which 1,200 are based in London.

Bear Stearns saw profits drop 61% to $17.3 million in the third quarter and by 33% to $362 million in the second, due to “extremely difficult securitisation markets and high volatility levels across asset classes,” according to the firm.

See also: Bear profits tumble by 61% as Goldman's rise 79%

 

  • LinkedIn  
  • Save this article
  • Print this page  

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: