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Reuters reports that JPMorgan Chase has cancelled half the New York-based job and internship offers extended by Bear to college students before it went belly-up in March.
Not that JPMorgan Chase CEO Jamie Dimon could ever be accused of 'cherry-picking', but it seems that Bear Stearns' 2-year-old commodities trading unit, Bear Energy, is a little gem that he intends to keep - provided US authorities allow him to (as The Wall Street Journal says, federal legislation restricts commercial banks from operating in the power industry).
And Bloomberg has an excellent quote from Goldman CFO David Viniar. Speaking just 48 hours after Bear Stearns was rescued by JPMorgan, Viniar was apparently asked whether he thought that the demise of that firm would have any 'permanent implications' for Wall Street's appetite for leverage. His answer: 'No. I don't'.
Finally, The New York Post reports that all this talk of a break-up of the UBS empire has rekindled thoughts that Citi should also be chopped into pieces too. Former Citibank CEO John Reed said last week that the merger of his bank and Travelers Group 10 years ago was a 'mistake', as 'the stockholders have not benefited, the employees certainly have not benefited and I don't think the customers have benefited, because our franchises are weaker than they have been'.
