Irish employees of Bear Stearns are believed to be expecting job loss news in Dublin. This follows the sale of the firm to JP Morgan Chase at a greatly reduced price. Rumour has it that the company may announce redundancies this week. Staff were told that they would be provided with information after the Easter Break. It is believed that JP is reviewing global business.
Bear Stearns employees about 150 staff in Dublin across Bear Stearns Bank and Bear Stearns Dublin Development Centre.
This is certainly not good news for the Banking & Finance sector in Ireland ot the Job market in general. This sector is viewed as a key pillar of the jobs market. This is further evidence that the troble in US is rippling to Ireland.
It was reported yesterday that 34,000 banking jobs have been terminated on Wall Street in the last 9 months.
