JP Morgan Chase announced today that they would be cutting approximately 7,000 of the 14,000 employees who worked for Bear Stearns.
Sucks for them.
I have to admit, I don't usually feel much empathy for financial services folks who lose their jobs because the over-leveraged firm went bust and needed a Federal bail-out. Part of that above average pay they've been enjoying is all part of the risk-reward that comes from working for the crazy gamblers on Wall Street.
However, Will Schneider at Future Leaders in Philanthropy (FLiP) posted a great an interested story today on the "dozens" of internships that had been offered to college and MBA students.
Brian J. Marchiony, a spokesman for JP Morgan, told the Harvard Crimson that students who lost their full-time job offers will not be left empty-handed.
“[They] will be able to retain their sign-on and relocation bonuses and have the opportunity to use our career placement services,” Marchiony said. J.P. Morgan is also providing an alternative summer plan for students who had their internships withdrawn. If they work at one of the many non-profit organizations selected by J.P. Morgan, those students will receive their full internship salary, according to Marchiony.Does anyone have a copy of the approved nonprofits? Be careful if you hire one of these wiz-kids for your fundraising staff. They are liable to suggest illiquid mortgage backed securities and/or risky real-estate investment trusts in order to offer above average returns on your money.