Bear Stearns announces a job cut

Bear Stearns announces a job cut

Bear Stearns has announced that they are now considering cutting as many as 300 jobs. These job cuts would take place in business units at all levels of the investment bank.

The company has been facing problems in the recent times as two of its hedge funds collapse this past summer.

They are also facing escalating defaults on risky subprime loans.

Bear Stearns added in a statement issued on this new development: “We are working to deploy our resources in areas where growth opportunities are greatest and to reduce costs in areas that can no longer justify their current level of infrastructure. Accordingly, we are reducing our headcount by approximately 300 people in various business units at all levels of the organization.”