JP Morgan launches placement programme for Bear Stearns staff

JP Morgan has launched a programme to place thousands of the Bear Stearns employees that are to be made redundant after its takeover of the rival bank.

The programme, dubbed ‘Talent Network’, created specifically for the Bear Stearns employees, has so far identified more than 1,500 redeployment job opportunities through vacant positions within the financial industry.

The bank has also contacted more than 1,000 companies within the industry, requesting for their vacancy lists, and written to about 30 clients, rivals and vendors, encouraging them to take on the displaced staff.

JP Morgan, which took over its rival in March, inherited 14,000 employees, the bulk of which it is struggling to accommodate. JP Morgan has so far identified positions for only about 40% of the staff, leaving a further 8,400 employees unsure of their fate.

The bank's business units are 75% complete in making people selection decisions, and have so far announced leadership teams for its top three tiers.

See also: JP Morgan buys Bear Stearns after receiving Fed guarantee
JP Morgan announces new heads post-merger