The cuts came mostly in areas where there was overlap with JPMorgan such as M&A, equity underwriting and corporate finance. Offers in investment management and other areas such as commodities, merchant banking and prime brokerage (Bear's jewel) were unaffected.
There is a thin silver lining for those on the receiving end of the bad news. As reported by Reuters here, summer interns "will be offered 10 weeks of pay if they work for a certain nonprofit organization and will get an early chance to apply for fall positions," and "graduates denied full-time jobs will keep their signing and relocation bonuses and will have access to career services."
Inside sources tell Vault that career counselors at schools where the affected students attend have been reaching out to other investment banks, gauging job availability there.
Meanwhile, full-time Bear employees are bracing themselves for the piece of bad news that won't be far behind this one.
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