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.
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.
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