Bear Stearns announced an extra 800 cut in its mortgage employees. The overall number of redundancies has risen to 1,400 – 10% of previous year’s head count.
About Bear Stearns
Bear Stearns is a leading global investment bank and securities firm founded in 1923 by Joseph Bear, Robert Stearns, and Harold Mayer. It specializes in retail brokerage, research, merger services, fixed income trading and clearing services for customers all over the world.
In its prime, Bear Stearns had over 14,000 employees in more than 50 offices around the globe. This company’s success was great until financial troubles struck in 2007-2008 when it encountered significant losses from bad investments.
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6 Comments
Wouldn’t be so intriguing to find out where all these thousands of unemployed from banking and financial institutions are going to work at? Unfortunately, the property market is going through its own turmoil. Such a bad timing for them poor brokers, the poor poor poor traders… they can’t even become estate agents
With so many recruitment agencies in London, I am sure that we will very soon find out if there is a shift in career choices.
However, keep in mind that London has about 1.3 million financial workers for whom the average salary, which excludes the bonus, rose 5% from a year earlier.
So, regardless the huge amounts of investors money lost … the average salary for someone working in the finance industry currently stands at £53,246!
Do you still feel sorry for them?
Well, I always thought numbers should be doing the talking in many occassions. On this one I am certain!! I guess if you can’t beat them, join them. Do you know of any vacancies?
🙂
God, you have announced so many people being fired I have lost count.
What happens when unemployment rate goes up?
Sounds good but I wouldn’t ivnest until after we leave the country and they take care of themselves for a couple of years. Who’s to say after we leave all heck breaks loose and the govt topples again? What will happen to the value of the Dinar?