Bear Bond Traders Odd Men Out in Merger

As it nears completion of its purchase of Bear Stearns(BSC Quote), JPMorgan Chase(JPM Quote) does not appear to be bringing over much of what gave Bear its once-great reputation: fixed-income talent.

JPMorgan said last week that it has made offers to nearly half of Bear's 13,500 employees. However, those likely to stay with the combined firm appear unlikely to include many star traders who helped build Bear's vaunted mortgage-backed securities business, among other jewels on the debt-related side of the house.

For example, Bear Stearns' leveraged finance division -- which includes high-yield bonds, leveraged loans and distressed debt -- is expected to contribute as few as two senior salesmen to JPMorgan out of an estimated 75 executives who reported to Greg Hanley, head of the division, according to people who worked in it. Hanley, who did not return calls to his mobile phone, is also not planning to join JPMorgan. ...