Investment bank
The elimination of 650 jobs across all departments is the third wave of layoffs at the bank. Bear Stearns cut 300 jobs from its equity trading business and other areas in October and approximately 600 positions from its mortgage-orientation unit.
CEO
In a memorandum to employees, the bank said the current round of job cuts was part of an ongoing review “to best position Bear Stearns for 2008 and beyond.” Affected employees would get severance, benefits and outplacement services, the memo said.