Bear Stearns to lay off 300 mortgage workers: report
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Wed, 03 Oct 2007 15:02:03 GMT |
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Reuters |
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US (Business) |
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NEW YORK (Reuters) - Bear Stearns Cos Inc is laying off 300 mortgage workers, cable news channel CNBC reported on Wednesday.No one at the company was immediately available to confirm the report.In August, Bear cut 240 subprime jobs. The investment bank has taken a battering in recent months after losses at two of its hedge funds. That dealt a blow to the company's reputation and prompted some hedge fund customers to move some of their assets to rivals.Bear Stearns shares fell $1.48, or 1.2 percent, to $127.09 in morning trading on the New York Stock Exchange.(Reporting by Lilla Zuill, editing by Gerald E. McCormick)
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