Bear Stearns trims 300 positions
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Bear Stearns Cos. on Monday cut 300 jobs to reduce costs as the nation’s fifth-largest investment bank continued to deal with the credit turmoil stemming from the sub-prime meltdown.
Positions were cut in various units, including the company’s equity trading business, according to an internal memo obtained by the Associated Press.
The layoffs represent about 2% of the staff, which totaled 15,516 employees at the end of August. Bear Stearns had cut about 600 positions from its mortgage-origination unit as defaults from borrowers with risky credit began to skyrocket.
A spokesman said the company didn’t impose a hiring freeze and would continue to add jobs as needed.
Shares of Bear Stearns fell $1.67 to $114.54.
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