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Reuters reports that JPMorgan is expected to either liquidate or spin-off much of Bear Stearns' asset management business. The unit currently employs around 400 staff, around a third of whom are expected to get a job offer from JPMorgan.
Financial News reports that Natixis, France's fourth-largest bank, has come out and confirmed that it is to make 'significant reductions' in headcount over at its corporate and investment banking arm. The unit saw its first-quarter profits come in some 56% down at $665m.
The restructuring of Credit Agricole's investment banking unit Calyon looks likely to involve job cuts. Credit Agricole has confirmed that it will present a new strategy and restructuring plan for the unit later this year.
Finally, The International Herald Tribune reports that folks at firms like Citi, Goldman and Morgan Stanley often only find out that work colleagues have got laid-off when the e-mails they have sent to a departed one bounce back! Wags are apparently describing redundancies that happen on the quiet as 'stealth layoffs'.
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