For what it's worth I have a close friend who heard from his recruiter at Bear this morning and was informed that his full time IBD offer would not be honored. He had been told previously that his offer would "most likely" be honored by JP. No word on a severance check or anything yet.
After completing the SA program and expecting this offer for the past 8 months this is quite a blow.
Best of luck to everyone in a similar position.
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I heard yesterday from a friend who is a 2nd yr MBA student with a full-time offer to Bear that many of the equity sales/trading incoming class were notified that their offers were being pulled.
He has yet to hear personally though.
For God's sake, PLEASE stop reporting 2nd hand information! Until I hear from an ACTUAL Bear employee or FT/SA hire that a recruiter called them and said they were being honored/negated, I will not believe any of this crap.
Here is some first-hand information. Bear Stearns summer offers revoked. I was a SA for Bear and was called this afternoon.
I have been the biggest opponent of rumors - I now, unfortunately am confirming them.
This morning, three FT Hires have been called and told their offers were not going to be honored. I'm a FT Hire and we all email each other to update any news/information. That is as real as anything.
Were all three S&T?
IBD
FT here, haven't heard anything official.
this is horrible...
its official, IBD SA offers are ALL revoked. WOW
Sorry guys.
wow, that fucking sucks. i'm really sorry dude.
My condolences...jesus...never trust HR...How exactly did they phrase it?
Is it just IBD or S&T as well?
ALL summer offers - IBD and S&T included.
i think now would be a good time to reach out to regional or boutique banks for IB internships. it's april so it's not too late, as some of the smaller firms will have less structured processes. at the least, you should mention in your cover letter that you received a bear offer for SA but it had been revoked because of firmwide circumstances, but that you're still firmly committed to doing IB and will do whatever it takes to prove your interest. i think this isn't a bad way to go because as a summer internship, any opportunity to work on deals or do anything analytical will be a good thing, so also consider hedge funds or asset management firms that may be more likely to do off-cycle hiring.
for what it's worth, i didn't even do a summer internship in investment banking, but i interned at a large Asset Management firm as a research associate and did a good amount of industry research, built a couple basic operating models and DCF's, and interacted frequently with sell-side analysts. my summer experience was clearly on the markets side rather than the transaction side, but for full-time, i ended up getting interviews at almost all the investment banking positions i applied for.
i know you're in a tough position and doing a summer internship in IB at bear would help you a lot, but it's not the only way to get your foot in the door for a full-time opportunity.
Sorry to hear the bad news. Has this been made public so to say its across all sections of the company!? I am still waiting to hear from Bear Energy on my SA status.
i think bear energy might be okay. jps actually interested in that group based on articles ive read.
FYI - there's a sticky with regional ibanks on it. may be a good place to start.
My buddy just found out that his SA position has been pulled by bear/JPM as well. He was told that he can work for this affiliate of JPM (not for profit) and would be first in line for full time interviews for full time if he wanted.
In case you ever needed a reason...this is why you should have no hesitation reneging on an offer. Ever.
Totally agree. I remember some other thread where Bear summers felt guilty for accepting another offer and reneging if the Bear offers came through- complete horseshit. I was in a similar situation (not on such a large scale) and I will be the first to say that the firm doesn't owe you anything beyond the salary and benefits that it promises and you don't owe the firm anything beyond a reasonable amount of dedication and ethics.
Also I am shocked that JPM is even offering something that is paying a similar wage. You guys need to get perspective- you may not take the offer because it isn't finance but they EASILY could have given you the finger. Be thankful you have the option this late in the internship game, if anything else just for a paycheck. 5k/month is a shitload for an undergrad internship.
One thing you guys should realize who got your offers revoked- you are going to be lower on the totem pole than those with IBD summers but higher than those without. The fact you managed to get an internship with Bear Stearns, a top-notch bank, shows interest, dedication and a certain degree of pre-selection and that will go a long way come recruiting time. You have a big leg up and a very tight and focused story for your interviews over all the other kids who couldn't get there in the first place.
So how do I put that on my resume?
Work Experience: Bear Stearns Investment Banking Summer Analyst 2008 -oh, nevermind.
Best of luck to everybody.. hope everything works out for you guys..
Wow. Sorry guys, best of luck.
For what it's worth, companies will be understanding when recruiting comes around. The trick is to get in the door to explain yourself. Start networking now. Cheers.
It sucks to lose your offer this close to the start date, but keep in mind that you're still better off than the many FT analysts who have been fired just before their 1st/2nd years ended... the cuts are going very, very deep.
Keep your head up, continue networking and consider every possible option because honestly it's 500% better to do what you want even if it's not where you want than to do nothing at all.
sucks man. hope things turn out well for all
has not found out yet...slowly but surely...just want to say hang in there...I am waiting with bated breath...But definitely start looking other places.
ex-banker what are your qualifications?
associate offers pulled as well. not a rumor as I was set to start as an associate (IB) on july 28th. I spoke to Bear IBD hr this morning who informed me of this.
I have an FT IBD offer. I haven't personally been told that my offer has been revoked however I have heard from other FT IBD hires that their offers were rescinded. Called BSC today but couldn't get in touch with anyone. Guess I just have to wait for the bad news. Has there been any talk of any type of serverance?
JuwannaMann- thanks for the sympathy bro.
Sorry? The writing has been on the wall. Sucks, to be sure, but what did you expect?
bear energy full time offers are being honored, a friend of mine just got the call
i had a summer offer for Bear Prime Brokerage and I just received my official offer letter today, it was post dated on april 1st, and it says i got a summer analyst offer for the global equities division. I called up HR because I was baffled by this and they said that they gave me a general offer for equities because they don't know where they will be placing me yet, although it will likely be in PB, and they also said if and when the JPM deal goes through, that my offer will be honored. This info was as of this afternoon.
My condolences to everyone who got the their offers pulled, both FT and SA. I'm sure everyone worked hard to get their positions. I imagine you are all sharp and resourceful and will land on your feet.
As previously noted, this proves that one should never feel bad about reneging on an offer.
My condolences. Until now, I thought that reneging on an offer was the wrong thing to do, but I think that was because I believed that companies would have the same attitude towards us. After seeing what the people at Bear are going through, it definitely drives home the point that this is a business. They will do what's best for them, and so should we.
Feel terrible for those who had offers revoked today; I truly hope alternative jobs/internshps are found. Rest assured, having gotten an offer to begin with says a lot and I'd think come FT recuiting, it will definitly stand for something.
On a different note, having just recieved a phone call from HR, here's first hand confirmation that Bear Energy is in fact honoring it's SA offers.
just got a call, my FT IBD offer has been revoked
does this mean that JPM is just going to dilute BSC's IBD division in NY?
Bear Stearns & Co. Investment Banking Summer Analyst
-Wathced stock price, along with my hopes of making it on the street fall -Had offer rescinded 7 weeks before my start date, leaving me with nothing -should have built DCF models -Could have done comparable analysis
any word on the fixed income summer analysts?
Word from HR is the fate of Fixed Income hires will be decided by early next week at the lastest.
I think some firms like Raymond James are still hiring. Not sure though.
First of all, I want to offer my heartfelt sympathies to those of you who have been affected by this decision. It is an incredibly difficult position to be put in, and I can only venture to imagine the frustration, anger and disappointment you feel at this moment. I am sorry that I was unable to warn you beforehand, despite knowing that this was the likely outcome. Some of you who have corresponded with me somewhat regularly by PM may have guessed by now who I am, or at least generally where I sit, and hopefully you understand why I've had to remain silent on this topic to date.
While it is difficult to place in context now, this is not the only setback you'll face in your career. It will (hopefully) not be the last catastrophe of your investment banking career either - the only way it will is if this represents the end of the line for you and this business. Many of your predecessors had the same thing happen to them in 2001, 2002, and 2003. Adapt, improvise and overcome.
You will likely not be the only ones who will go through this. Other firms are actively reviewing whether their hires exceed any reasonable near term business opportunity. You should not be surprised to see other summer and full time hires across the entire spectrum of Wall Street join you before training ever starts. Take the only positive you can from this, which is that Bear's implosion may give you a head start on finding an alternative. Finding a new home will only get harder from here.
It sounds insultingly contrived and disengenuous I'm sure, but there is real truth in it. Remember that many people at Bear today will be receiving similar news, after seeing a substantial portion of their net worth disappear along with their jobs. Elsewhere, the pain will be intense. UBS is about to hand pink slips out to a very, very large number of bankers. Citi has gone through its markets businesses with a scythe, and will soon begin killing off bankers. No firm will emerge unscathed.
The best advice I ever got from my senior bankers when I was a junior banker was that the only real important thing in this business is to make it through the downturns. Look at it as a marathon rather than a sprint. Chances are that you will see a number of these abysmal markets in your career span. Have confidence that you can overcome this, or take comfort that you will see worse than this in the future. If you can't, this wasn't a good profession for you anyway - the inherent volatility isn't for the faint of heart.
Some people have counseled that this situation displays why you should have no remorse in reneging upon your acceptance of an offer. In other threads, I've already expressed my view forcefully, and don't intend to repeat the argument. I will say this: my conclusion is the exact opposite. Think it through and you'll understand why.
Once again, I'm sorry this has happened to you. I wish you all the best of luck, and hope that you don't let this setback destroy your prospects in this business.
Well said, GenghisKhan.
Got a text tonight from an analyst in my former group - 4 people got the axe today. Mostly associates. I know exactly why because I contributed to their reviews, but for all their shortfalls as co-workers, they were good people, and it's always tough to see good people let go.
Genghis, great post. Out of curiousity would you mind summing up your argument against reneging? I promise I won't argue, I just do not recall your thought process.
My opinion isn't that you should never do it, but rather that you shouldn't do it for the reasons most people do.
My first warning is always that if you choose to do it, be diplomatic. Bankers, like people generally, can be irrational, vindictive and volatile. Strike the wrong note and you may find that someone takes it personally enough to call an old friend or classmate to torpedo your new job. It's not common, but it's happened before. It's also a small business, and you never know when someone you told "hey, I decided to do consulting instead" will see your name on a DM or a working group list, and take offense. So if you choose to do it, do me a favor and tread lightly (rather than the big neon "fuck you" approach that many people seem to advocate).
I've said before that I've seen us pull offers before ('01-03 mostly), so I can't in good conscience tell anybody that they should never reneg. Still, my advice is that you may simply be jumping from the frying pan into the fire. Dumping Bear for Morgan Stanley is silly. How do you know you upgraded (other than "prestige", which won't even pay for your coffee). If you dumped say, Houlihan Lokey, for Bear you'd feel pretty bad right now right?
My view has always been that experience means everything. Brand counts for something, but not that much.
Whether you love it or hate it at the firm you join will likely have very little to do with anything you control. You want to know a secret? I think I'm pretty good at picking analysts and associates. But the truth is that I'm wrong as much as I'm right. Same thing goes when you're interviewing at our firms. You have no idea if you're really picking a good group to live in, or whether you just signedup for the biggest shitshow in Manhattan.
And the truth of the matter is that the biggest determinant will be something you have not one iota of control over - your staffing. Whether you are deliriously happy or suicidially depressed usually is most related to the vagarities of the luck of the draw on who you got staffed with. All reneging really means is that you potentially pissed off someone, without any real assurance that you improved your lot in life. Would being unhappy at Goldman be better than being unhappy at UBS? Maybe a bit. But being happy at Credit Suisse is a hell of a lot better than being miserable at Morgan Stanley. And the truth is that you have no way of knowing.
With respect to this particular situation with Bear revoking offers, I can say this: I'm sure nobody's happy about it, and within the limits of reason I'm sure they'll do whatever they can to soften the blow. They're certainly not being vindictive about it. But let's say you reneged on someone to take Bear's offer. I'm pretty sure you'd prefer to not have ill will hanging over your head from anyone right now.
In good markets, everything is forgiven. In bad ones, people remember perceived slights with a vengeance - and this business is a small and incestuous one.
Couldn't agree more.
I would say it goes double for private equity - people have twice the memory span, as well.
Genghis, as always, has presented a well-written piece of advice. Thanks.
Who is GenghisKhan?...Jamie Dimon?
I am, I hope you'll agree, far more humane than Jamie is.
perhaps you ought to consider changing your screenname
Ok, makes sense. I think the gap where it becomes acceptable to renege is a function of a lot of things including self-confidence in your ability to make it, long-term goals, appetite for risk, appetite for trade-off between happiness and career, etc. I also agree, it never makes sense to burn any bridges.
This leads me to a tangent- giving feedback, assessing someone, etc. etc.
One thing I have learned, it is never in your best interest to give negative feedback if you are never going to work with that person again. In an ideal world, everything will be anonymous and the person who receives the feedback will be mature and not hold it against you. A specific incident comes to mind where an associate I worked with gave some pretty "frank" feedback for a VP- the VP subsequently torched the guy come assessment time. You never know who is going to find out what you said, how they are going to take it and what lengths they will go to for revenge. So in that vein, never burn any bridges under any circumstances- that fleeting 5 seconds of joy will be gone pretty quick.
Also, vagarities isn't a word- I think you mean vagaries.
Even more summer analysts let go before the beginning of the program at other banks?
Um...wow...
I stand corrected - I did not realize that before you pointed it out. Yet one more way you might have identified me had we met in person. I misused that quite regularly, actually.
You do bring up a good point though. When I was more junior, I took it at face value that our annual feedback was anonymous and used appropriately. Today, I would never put pen to paper without assuming that whatever I wrote in a review wouldn't be quoted verbatim (along with my name) to the person in question.
Awful, but true.
As someone who lost their offer from Bear this morning - your post was a breath of fresh air. Thanks!
Yeah I knew a pretty senior guy who had a similar thing. He loved to say "nuclear" like "this thing is due soon, we need to get nuclear". He kept saying nucular rather than nuclear. It happens- definitely need an anonymous poster on a message board who is anal about spelling/grammar to check you ;)
I appreciate the suggestion regarding feedback. I'll keep it in mind in years to come.
GenghisKhan,
What do you foresee (market condition-wise) for the year of 2009?
No wonder Bear went down at $10. Bear bankers seem to have the poorest negotiation skills around. I cannot believe they could not have negotiated a better deal on behalf of FT offers. There are so many avenues to find a solution: other geographies, delayed start dates, option to get finance experience in other divisions and join banking after a year. It's as if we were easily expendable and nobody cared enough to want to make an attempt. We keep hearing empty words in terms of "the banks are doing their best to work out a solution" and this is the best they come up with? Truly pathetic.
...Are you serious? Well, if your offer got pulled, sorry to hear and feel better. Other than that.. well. Read the other comments for answers to your question.
People's lives were/are ruined. You think a guy with a family to take care of who just lost his life savings has the energy to fight for future summer interns? And while my deepest condolences go out to all those affected (a close friend of mine is now jobless wondering what his next step well be) but this is the nature of the industry. Look at the bright side, a lot of people will be starting from scratch but that is not so far off from where you were to begin with. its unfair to belittle those who had much much more at stake, emotionally and financially. The next year or so (or more who knows) will be tough for all of us
"I cannot believe they could not have negotiated a better deal on behalf of FT offers"
oh come on, these guys have bigger issues on their minds.
I am sorry, but that's no excuse. I am sure everybody has bigger issues on their minds, but that does not mean you shirk responsibility. What I read as "bigger issues on their minds." are their own jobs.
All I am saying is that more could have been done if there was someone at Bear negotiating on
behalf of the incoming class who had his/her interests aligned with ours. It just seemed too expeditious to lay off the entire class without any sort of alternatives.
As a former SA in IBD at Bear and a once hopeful full timer, what is the next step to take? I'm currently contemplating whether to delay my graduation date and go through fall recruiting again or to begin the job hunt. My only concern with the latter option is that the market is currently flooded with qualified candidates vying for the same jobs. Any thoughts on the issue would be much appreciated.
Who? Who would take it on themselves to negotiate for people who aren't even at the firm yet? The MD who is petrified of himself getting axed? The HR chick who works 9-5 and is fine with just going to another HR position? Jimmy Cayne? In the entire hierarchy of an investment bank, who has their interests aligned with the incoming class?
Get some perspective, no one gives a royal fuck about the incoming class. Sorry for being harsh but that's the truth.
"I am sorry, but that's no excuse. I am sure everybody has bigger issues on their minds, but that does not mean you shirk responsibility. What I read as "bigger issues on their minds." are their own jobs."
They have no responsibility to you, my friend.
Thats great. I am sure you now consider yourself to be a true banker, since you "say it like it is" and use expletives to make a point.
Sticking to the issue - I am just saying that given a choice, maybe other divisions inside JPM would have loved to have the Bear folk and there does not seem to be any attempt made to even consider that to be an option.
Signing off, thanks and good luck
yeah, i'm really sorry that this happened to you guys. but baller_07, shirking responsibility? really?
ive said this before, but to reiterate:
summer interns and new ft hires don't add any value to the firm (for fts, at least not until after hte first months when they actually know what theyre doing; in the case of s&t, you wont even have licenses for the first 4 months...). these types of hires are almost always a pure human capital investment. human capital investments only make sense when you're looking to grow your firm's human capital, and NOT when you're trying to axe it by 50% to cut costs.
if each new ft hire costs the firm about 125-200k, axe 10 of them and you've just saved 3 associates/low level vps. if you were an md and you had the option of bargaining w/ your new bosses at JPM to save 3 guys who have worked their asses off for you for the past couple years or saving 10 college kids you've never met, what would you do?
to the folks who had their offers pulled: i posted this yesterday and it got deleted by the moderators but i thought i'd try again. i teach an introduction to investment banking class in NY that has been helpful to prospective analysts and associates in their job searches. i'd like to offer the opportunity for any of the individuals who had their Bear IBD offers pulled to take the next upcoming course for free. i was around back in the last downturn ('01-'03) and had a lot of friends and b-school classmates who had their offers revoked or who got laid off shortly after training. so i have a sense for what you guys are going through. if anyone is interested, PM me.
to the moderators: this is not meant to be an advertisment. i'm simply trying to help some of these individuals who have to restart their job search, something i believe is consistent with the mission of wallstreetoasis.
this sounds like an offer in good faith. hopefully some of the folks here can take you up on it. it'd be the least they could do to get back on their feet and i think that at least for the summer interns, going through an experience like this could be pretty helpful for full-time recruiting since candidates could demonstrate their perseverance in doing whatever they could to learn about the business, even in spite of losing their offer due to circumstances beyond their control.
Echoing what many have said here. Banks have no obligation to take care of you.
If JPM brought Bear folks into their divisions, what happens to the JPM employees who worked their asses off getting those positions? Less work/deal flow? Maybe even the axe in the future?
Volatility, risk, etc. are all part of the game. If you're looking for job security, Investment Banking definitely isn't where you want to be.
Sucks, but this is the type of stuff that happens in general industry M&A too. That's why there are extreme responses from labor like this: http://www.dealbreaker.com/images/entries/Rubenstein%20At%20Wharton%20F…
I feel terrible for anyone affected by this. Hopefully one day this all turns out to just be an old war story for you.
thats actually a really interesting point...considering that a lot of the people here are m&a bankers, that means that many times (not always), your work helps to cut jobs in those companies as the purchaser attempts to realize those always elusive post merger synergies.
note that im not a socialist, and that for the economy as a whole, if these synergies are actually realized, then the economy is better off. but that doesnt change the fact that in the mergers you help to pitch, this kind of stuff happens. how many of you have shed tears over those workers?
i guess it's just that fundamental truth...bad news only matters if it happens to you.
im sorry if that sounds insensitive, but i think it's true.
You're an idiot. Quit your babbling.
ad hominem attacks are always a good strategy if you can't actually think of anything to say... ;)
qft.
I work at Bear Energy and offers are not being pulled
2nd year MBA student here -- just had my full-time IBD offer pulled. Thanks to all for the kind words.
I've heard that Bear Energy offers are being honored, along with certain offers in equity research -- the research offers will be honored on a group-by-group and case-by-case basis. Also being honored are finance rotational positions, etc. All IBD and S&T have been pulled for both summer and FT.
Am scheduled to be in Bear's IBD offices for something else tomorrow. Will report back on how the mood is...
Have the offers been pulled in NY or in other places like London too? Any info about London?
Well... It's official guys:
http://dealbook.blogs.nytimes.com/2008/04/03/jp-morgan-said-to-withdraw…
My condolences to everyone affected :(...
Well I had a Risk Management offer (a little ironic maybe?). I'm upset, but I can totally understand their position. After all, even the company's high flying CEO just lost an estimated 90% of his wealth. When people are hurting they will naturally forget about the new guys.
edit: I meant Cayne, of course. Is Alan Schwartzman going to be given a top job at JPM?
Guys, I don't usually do this, but I'd like to inject a little optimism into a depressing thread. So I'm gonna plug a couple of jobs I need to fill.
I'm hiring for two (highly quantitative) boutique wealth management analyst positions in the San Francisco Bay Area to serve clientele in the $100-$500 million range. Lots of modeling, never any marketing or sales, just white-glove client service. We'll consider non-locals but prefer people with strong ties to the area. Pay's decent (70k salary plus small bonus); workload is 50-55 hours a week, work is interesting (jets, yachts, private equity, hedge funds, buyouts, exotic concentrated-equity management). We know and understand what's going on with all the revoked offers. Moreover, we're recession-proof and have great ties to the Silicon Valley VC/PE community. And best of all: you'd get to work with yours truly. All-in-all, it's a great place to spend a few years waiting out a tough market. The money's good and the skills are transferable, plus we won't cramp your style. Honest disclosure: the boss could euphemistically be described as "brusque", but he's really no worse than most IBD MDs.
Drop me a PM if you're interested and you're a college senior, N1, or N2. Decent Excel skills a must.
What do you think about working for a non-profit if given the opportunity by Bear?
http://dealbook.blogs.nytimes.com/2008/04/03/jp-morgan-said-to-withdraw…
So intern and associate IBD offers were not honored... what about IBD analysts?
"125 out of the 250 Bear Stearns offers" have been pulled - CNBC
If you guys have the chance to work in another division of Bear (I thought heard somewhere that there may be opportunities in equity research, but this might be wrong), why not take that? If you do a summer in ER at a top bank, you'll likely get full-time banking interviews at almost all the big banks.
Always look on the bright side of life! You get an extended vacation, you are young, people in the future know that you have the qualifications to get an IB job so you will have less of a hard time finding a new one. With the current crisis I have already a back up plan in case my company takes away my offer: go and get a PhD ;)
Remember, you will always be a salesman, no matter how fancy your title is. - My ex girlfriend
half of bear will lose their jobs huh. Right now I would guess that it's going to take around 3 years before the job market is looking okay again.
"jesus...never trust HR...How exactly did they phrase it?"
Saw that from the first page of posts. Agree with many of the posters above, especially with the fact that HR probably didn't see this coming either.
And, for my own 2 cents, at some point you have to respect the fact that job losses happen in all industries. Just 'cause you got some high-powered IB job doesn't make you immune to the tribulations of the common folk - for some of the rest of us who haven't had the misfortune of finding our offers revoked, take it as an opportunity to get a big ol' dose of humble pie. Think of this the next time you're doing a walk-through of a company you're selling; all those faces at computers are some of the "synergies" you're promising the buyers. Those could be you.
From cnbc, 250 FT and SA offers they are honoring half. Courtesty Maria Bartiromo
"Oh - the ladies ever tell you that you look like a fucking optical illusion?"
I heard that JPMorgan in Latin America and Asia is very short of people because of the growing markets there. If you really want to stay in investment banking, why not consider these options? Ask whether JPMorgan Lat Am/HK will hire you, spend two years there, and come back for your MBA.
Morgan LatAm is always booked. despite this, they never seem to be actively expanding. in any case, this group always looks for a specific set of people, which most good banking candidates likely won't fit. i guess you could ask, but this specific group probably would've snapped you up by now if this group was interested in more recruiting
Humble, yes. Before this whole thing went down, I was thinking about putting the Monkey Business quote on my profile, about after receiving an offer, it gives you a peace of mind and the ability "to walk through the second year of business school with a big 'FUCK YOU' tattooed on my forehead." I still have my offer, but I won't be adding any FUCK YOU messages to my profile...ever.
of the 250 SA & FT offers, how many of the half(125) being honored are IBD or Equities S&T. My perception so far is that all of IBD and Equities is getting revoked, and prime brokerage and energy (and maybe FI) are being retained so far.
Full article: Seems to be correct http://biz.yahoo.com/rb/080404/jpmorgan_bear.html
Reuters JPMorgan honoring half of Bear student offers Friday April 4, 10:17 am ET By Joseph A. Giannone
NEW YORK (Reuters) - JPMorgan Chase & Co (NYSE:JPM - News) has canceled half the job and internship offers extended by Bear Stearns Cos (NYSE:BSC - News) to college students and graduates before its collapse in March, in a prelude to more job cuts head as the two banks prepare to merge.
ADVERTISEMENT JPMorgan, which agreed last month to acquire troubled Bear Stearns for $10 a share, is taking a close look at Bear's businesses as it prepares to integrate the two investment banks. JPMorgan in the next two weeks is expected to slash thousands of Bear Stearns' 14,000 jobs.
The stunning downfall of Bear was bad news for the roughly 250 students and grads who were offered full-time jobs and summer internships at the investment bank.
A JPMorgan spokesman confirmed the reduction in student and graduate offers, though he declined to disclose specific figures. JPMorgan also said the bank was honoring all of its own campus commitments.
The commitments by Bear Stearns that JPMorgan will keep may foreshadow bigger changes in the weeks ahead.
For example, all offers for jobs in Bear's Asset Management division will honored, as will most offers for positions in certain investment bank businesses: commodities, prime brokerage, merchant banking and even some parts of fixed-income sales and trading.
The harder hit areas, those that have the greatest overlap with JPMorgan, include equities, M&A and investment banking.
As a consolation, summer interns turned away by JPMorgan will be offered 10 weeks of pay if they work for certain nonprofit organization and will get an early chance to apply for fall positions.
Graduates denied full-time jobs will keep their signing and relocation bonuses and will have access to career services.
It was on the front page of the Penn paper this morning: http://media.www.dailypennsylvanian.com/media/storage/paper882/news/200…
Bumping for current times
Hell of a throwback +SB
Damn, this is a historical landmark
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