JPMorgan Chase CEO Jamie Dimon has personally embarked on a letter-writing campaign, The Financial Times reported this morning, to find employment for the “5,000-plus Bear employees who will not have a job after the takeover closes next month.” So far, he has sent letters to over 30 JPMorgan clients, rivals and suppliers, and asked for lists of vacancies from more than 1,800 companies and numerous headhunters.
It is meant to provide some consolation to Bear employees who saw much of their net worths go up in smoke when the company was sold to JPMorgan for $10 a share. But finding jobs for some of these individuals could also cut down on JPMorgan’s severance payment costs.
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