Source AP ©

Bear Stearns carries out its cost reduction plan

Bear Stearns Cos. cut 300 jobs to reduce costs.

The positions will affect various business units, including its equity trading business, according to an internal memo obtained by the Associated Press.

The layoffs represent about 2 percent of the staff, which as of Aug. 31 was 15,516 employees.

"The goal is deploy our resources in today's challenging environment where growth opportunities are greatest and to reduce costs in areas that can no longer justify their current level of infrastructure," Chief Executive James Cayne said in the memo. "These difficult decisions were not made lightly. A great deal of care and deliberation went into the assessment of our ongoing business needs."

A spokesman for the company did not return telephone calls seeking comment.

Comments
The INF issue
USA plays to pretend a mighty dragon that can no longer breathe fire
USA plays to pretend a mighty dragon that can no longer breathe fire
Russians lose faith in their future, get ready for worse
Russians lose faith in their future, get ready for worse
Brexit: The UK's misunderstanding of Democracy
Brexit: The UK's misunderstanding of Democracy
Macron challenges Trump. French independence and croissants at stake
Macron challenges Trump. French independence and croissants at stake
Brexit: The UK's misunderstanding of Democracy
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin dislikes the idea of US army bases coming to Kuril Islands
Russia and USA fight even in space: Americans damage Soyuz deliberately
Russia and USA fight even in space: Americans damage Soyuz deliberately
USA plays to pretend a mighty dragon that can no longer breathe fire
Argentina's coast guard sinks Chinese trawler
Brexit: The UK's misunderstanding of Democracy
USA plays to pretend a mighty dragon that can no longer breathe fire
Russia rips its economy apart with help from the West
Brexit: The UK's misunderstanding of Democracy