Bear Stearns Cos., the biggest underwriter of U.S. mortgage bonds, will eliminate 650 jobs in the firm’s fourth round of cuts this year amid mounting losses on subprime home loans.
Bear Stearns, led by Chief Executive Officer James Cayne, had previously announced about 900 job cuts since August. After Wednesday’s reductions, the firm will have winnowed out 10 percent of its employees. Eroding demand for securities backed by home loans to borrowers with heavy debts ate into earnings in the third quarter, when the firm posted the biggest decline in more than a decade.
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