JPMorgan set to reorganise its M&A team

JPMorgan Chase is set to announce tomorrow how it plans to reorganise its mergers and acquisitions and capital markets teams after its fire-sale acquisition of Bear Stearns, according to a person familiar with the matter.

Steve Black and Bill Winters, who jointly head JP Morgan's investment banking division, have indicated that all employees will know by June 1 whether they will still have a job at the bank when the deal to acquire Bear Stearns is set to close, the person said.

Bear agreed last month to sell itself to JPMorgan for $10 per share.

The US Federal Reserve agreed to guarantee $29billion (Dh10.5bn) of Bear's assets as part of the deal. JPMorgan has not said how many of Bear's roughly 14,000 employees it plans to retain.