Bear Stearns joins the layoff parade

Layoffs in late November-early December are particularly cruel. But the big banks really have no choice. They have a lot on the line as the credit crisis lingers, and one of the few things the top executives can actually control is the payroll. The latest: Bear Stearns has announced it will axe about 650 jobs, about 4 percent of the total. That comes on top of 900 job axed the previous month. Previous cuts hit equity trading on the mortgage unit hard. This round will hit IT and other service areas, according to the AP. Employees will get severance, benefits and outplacement services. For traders and bankers, the cuts will mean they are denied a cut of the bonus pool and make for a less than mirthful holiday season. Expect more paring.  

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