JP Morgan, who announced on March 16, 2008 that they would be acquiring Bear Stearns in the second quarter along with close to 15,000 employees world-wide have thus far not commented on the rumors that the purchase of Bear Stearns will result in a large layoff. Bear Stearns has not returned phone calls regarding this matter either. Many employees have already begun to seek out new employment opportunities. If a layoff does ensue it will add to the pink slips already coming out of Wall Street. A layoff, economists say, would catch up with New York City's much-envied economy. One organization that would face certain trouble is Big Brothers Big Sisters of America because not only does Bear Stearns donate money to them but they also mentor a group of disadvantaged children twice a month.

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• CNN Money: Wall Street's Pink Slip Parade (March 17, 2008)

• CNN Money: Update: Bear Stearns Sales Bodes More Ill For NYC Economy (March 17, 2008)

• MarketWatch: Wall Street employee owners shudder as Bear Stearns implodes (March 17, 2008)

• Guardian.co.uk: Uncertainty grips Bear Stearns staff (March 17, 2008)

• The Wall Street Journal: Bear Stearns: Can Its Investment Bankers Find a Job... (March 16, 2008)

• CNNMoney: Bear Stearns Employees Mull Options As Firm Does The Same (March 14, 2008)

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