So far the cuts have mostly affected junior bankers and have included half of the firm’s M&A department. They're the result of lackluster business and not the acquisition of Bear Stearns. They're also far from over.
As the end of the month and the beginning of a new era at JPMorgan approaches – the Bear Stearns deal is supposed to officially close by June 1 – expect hundreds of more JPMorgan employees walking to the train and their cars with pink slips and resumes in hand.
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