Bear Layoffs Begin

Wednesday is humpday, which makes in an appropriate day to get fu… well, you know.

First came word this morning that American Capital was planning layoffs, including the closures of its Philadelphia and San Francisco offices. Now it seems that the (larger) axe is also beginning to swing at Bear Stearns.

My colleagues at Reuters report that certain Bear staffers and groups have begun to hear their fate. One such confirmation came via an email that a fired employee sent to his contact list. “It has been a pleasure to have worked at Bear — an awesome place, with incredible individuals, great team spirit,” the laid-off employee wrote.
Bear has approximately 14,000 staffers, but more than half are expected to receive pink slips before JPMorgan completes its takeover.