We received the following missive from a concerned JPMorgan employee earlier this week:

'Despite what you may have read in the press, far fewer Bear Stearns staff than you think actually made the transition to JPMorgan. Although some 45% of staff globally are thought to have been retained by the new organisation, I would guess the final number was more like 25%. Most of the staff were either laid-off, or placed on a two-month rolling contract. Maybe there was no other way, but it was brutal.

As an ex-Bear employee that was retained by JPMorgan, I felt very lucky. And I was looking forward to working for my new masters, with that juicy credit rating and large balance sheet. I was even beginning to forget about all the money I had lost when my Bear stock fell 98% from its high. And I was getting over the fact that many of the people I had worked with for years had been fired.

Less than a month ago, I was told by the heads of the investment bank that my business was important, and that I and the people who were retained with me were 'the best of the best'. Better still, my clients were beginning to come back and do business again. Life was looking up after a very tough 12 months.

The ink, however, was hardly dry on my JPMorgan contract, when last week I heard rumors that significant cuts were on the cards at my new firm. I spoke to my boss, who confirmed that he would have to get the knife out again, and that us Bear guys, 'the best of the best', wouldn't be exempt from the axe.

So, the pressure's on again, and it's going to be very difficult for us Bear staffers to keep our jobs. After all, we have no track record at JPMorgan to rely on, and most of our former bosses (who knew what we are capable of) were either fired or chose not to come to the new firm.

The final ignominy, however, is the JPMorgan stock price. The Bear stock I traded in (you know, that stock that fell 98% in value from the high), has fallen a further 25% since my move, as JPMorgan shares have been on the slide recently too. Still, it could be worse. I could have gone to Lehman!'.

READER COMMENT

1. 'Tough as it is for some of these Bear guys, they can't be expected to be excluded from the next round of job cuts just because they have already felt some pain. Unfortunately, the markets are full of hard-luck stories. In times like these, no-one takes any prisoners. Bankers are walking around with sandwich boards for Chrissakes'.

2. 'What happened at Bear has now been consigned to history. It's about survival of the fittest now. And it's every man for himself!'.

3. 'More fool you for believing the 'best of the best' cr.p. That's what most firms say to most employees!'.

4. 'ABN Amro staff should take heed - the same thing is bound to happen over at Royal Bank of Scotland soon'.

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Open Letter From A Bear Stearns Staffer

Open Letter From A JPMorgan Employee

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