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JP Morgan Shuts Down Bear Stearns Credit Unit

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JP Morgan is shutting down a once legendary Bear Stearns business unit known as FAST, an acronym for Financial Analytics and Structured Transactions. It was a traditional starting place for the Bear Man, typically a recent undergraduate who might have lacked the Ivy-league pedigree expected at some of Bear's Wall Street rivals. FAST offered analysis on complex credit transactions. It had about 400 people working for it after Bear was acquired by JP Morgan, according to Financial News. The memo obtained by Financial News says the employees have been reallocated to a variety of businesses, and a JP Morgan spokesperson insists the business wasn't shut down. Except that's not the way it feels to veterans of FAST. "We've been scattered to the winds. JP Morgan is doing its ...

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