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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