The Bear Stearns Companies Inc. (BSC) Cuts More Jobs
Bear Stearns Cos., the nation's fifth-largest investment bank, on Wednesday said it will cut 4 percent of its staff in further fallout from the summer's mortgage turmoil.
The company will cut 650 jobs in all departments from its staff of about 15,500. This marks the third wave of layoffs at the battered investment bank, which as of last month had cut about 900 positions throughout the firm.
Bear Stearns has been among the hardest hit on Wall Street as investment banks reel from deterioration in the subprime mortgage and leveraged loan markets. The biggest global investment houses and major banks collectively wrote down some $80 billion worth of assets because of the market crisis this summer.
Earlier this month, Bear Stearns said that in the fourth quarter it would write down another $1.2 billion linked to losses from its mortgage-backed securities business. The reduction will result in a quarterly loss for the company.
The company will cut 650 jobs in all departments from its staff of about 15,500. This marks the third wave of layoffs at the battered investment bank, which as of last month had cut about 900 positions throughout the firm.
Bear Stearns has been among the hardest hit on Wall Street as investment banks reel from deterioration in the subprime mortgage and leveraged loan markets. The biggest global investment houses and major banks collectively wrote down some $80 billion worth of assets because of the market crisis this summer.
Earlier this month, Bear Stearns said that in the fourth quarter it would write down another $1.2 billion linked to losses from its mortgage-backed securities business. The reduction will result in a quarterly loss for the company.
Labels: BSC, The Bear Stearns Companies Inc.
posted by Stock Administrator @ 1:18 PM
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