Following the announcement more than a week ago that JPMorgan would be buying Bear for $2 a share—a deal that has since been increased to $10 a share—many would-be Bear bankers began sending out resumes to other banks, fearing that Bear would not be able to back up its offers. According to Vault sources, JPMorgan got wind of this and advised those who've receieved offers from Bear to sit tight for another two or three weeks, indicating that an official decision has not yet been reached about their fates.
Meanwhile, thousands of current Bear employees are still awaiting a decision on theirs.
Inside sources tell Vault that summer and full-time employment offers given by Bear Stearns to undergrads and MBAs have not been rescinded. At least not yet.