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Is Dimon (only) doing it for the PR?

19 May 2008

Jamie Dimon is apparently going out of his way to find new jobs for the 5,000 bankers out on their ear following JPMorgan’s emergency resuscitation of Bear Stearns.

According to the Financial Times, Dimon’s taken it upon himself to write ‘personally’ to clients, vendors and rival banks asking them to find a refuge for his Bear rejects.

Together with a database of vacancies (put together by someone else), Dimon apparently hopes his technique will re-house as many as 2,500 Bear-ites.

If the scheme works, other banks might feel obliged to do the same.

Will Dimon make a difference to the plight of Bear babes? Do banks have a responsibility to help re-house those they kick out of the door? Or is Dimon just trying very, very hard to be liked? Let us know if you think he's a NICE MAN….

Comments (6)

  • Jamie Dimon is a lovely man who's writing letters out of the goodness of his heart. How dare you suggest otherwise?

    Anonymous 19 May 2008

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  • That's not his job. Good gesture but no way is he going to find all of them a job.

    Let the natural wastage do its thing.

    James 19 May 2008

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  • Bear Stearns is getting rid 1 thousand people + in London. Most of them will have been twiddling their thumbs for months and in dead areas like debt capital. Jamie Dimon writing a few begging letters will make not one iota of difference. if you work at Bear Stearns, start applying to Starbucks - now.

    Lewis 20 May 2008

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  • It is a good will gesture and of course a PR stint to save face in nasty press conferences and justify the slaughter of jobs at Bear Stern. It might help a few employees but they would have got the jobs either way. I think it a message to press that we are about to announce large number of redundancies in the company.

    AP 20 May 2008

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  • It is a good strategy - he is trying to place all the dogs at competitors, so competitors become less competitive. Not sure competitors will be stupid enough to buy into that, though... but it is a good try :-)

    Machiaveli 20 May 2008

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  • Dimon knows jack about those Bear people. How's he going to feel when he reccomends a load of them to a client and the client complains they're worse than bad?

    Big Kicker 21 May 2008

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