Business
Bear Stearns' new hires get axed
New York | May 10, 2008 12:01:13 AM IST
Hundreds of new graduates who were offered jobs at Bear Stearns have seen the job offers rescinded, new-hires said. The New York Times reported Saturday JPMorgan Chase, which bought the investment bank last month, rescinded many of the offers to join Bear Stearns. Yashoda Khandkar, a senior at the University of Pennsylvania, is among 250 people who was offered jobs. The worst part about the entire situation is that it's a really hard market for us to look for other jobs, Khandkar said. We probably can't get as good of jobs as we would have had. The newspaper reported that since August, the financial industry has eliminated more than 38,000 jobs, partly because of the credit crisis and the collapse of Bear Stearns. On Friday, Citigroup became the latest Wall Street giant to shed jobs, eliminating 9,000 positions. (UPI)
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