Bear Stearns Trims 400 Jobs; Half of the Cuts Come From IT
ORGANIZATION AND MANAGEMENT
NEW YORK--Bear Stearns announced plans to cut its workforce by more than 3 percent. Of the 400 total job cuts, approximately half will come from the bank's IT department. The company said it expects to take an $8 million charge in the second quarter because of severance-related costs.
Most of the IT cuts result from Bear's decision to shut down its development center in Tampa, Fla., which housed about 120 technical employees. The center opened in February 1999 and drew on Salomon Brothers'
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