Best Response

The thing is... Bear's always had a second-rate IB. It's strengths were clearly elsewhere. Firms such as MS and ML have top-IBs, so, despite heavy write-downs, I would expect certain divisions to stay strong. I don't see the same scenario with Bear. JPM might be able to use Bear's prime brokerage, but JPM IB is heads and shoulders above Bear... I would expect the caliber of candidates to differ also, and JPM doesn't really need to take on many junior bankers in these divisions.

I believe that the only reason that JPM took on Bear was to save the entire finance industry (including itself). If Bear went under, the counter-party to all the positions it held would be screwed, and every firm would essentially be decimated. The interconnectedness nature of the industry forced JPM to take on Bear, even though JPM really has little use for the small firm.

...That, and that Dimon has a huge ego and has been looking everywhere for an acquisition in the past few months. Probably to prove to the world that JPM emerged unscathed by the subprime, as no one (especially media) seems to give the firm very much credit, whilst everyone venerates GS's risk-management.

 

i happen to be an adjunct career advisor at one of the top b-schools. i know that the head of career services has been in close contact with both Bear and JPM. as of yesterday, nothing with regards to FT or PT associate offers has been decided yet. i'm sure this is the same for analysts. until something becomes official, rumors are just rumors. you guys have to keep in mind that the fate of a few hundred incoming junior bankers is probably not exactly first thing on the list right now for Jamie Dimon. they might make an announcement soon but it might also take some time.

Author of www.IBankingFAQ.com
 

on jpms conference call, they mentioned multiple times that they liked bears equities business. if you were bringing in a lot of money for bear, youd probably be fine and offered a job in new york. either way, i dont really have any sympathy for senior mds. now youre not making 4 mil a year...big fucking deal. if you dont have enough savings to live comfortably from the past years (even accounting for the loss in value from bear stock), youre a total dumbass.

 

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