, beseiged by writedowns, is cutting 4% of its workforce, according to published reports.
The Associated Press
, citing an internal memo, said Bear will cut 650 jobs as part of an ongoing review to "best position Bear Stearns for 2008 and beyond." It was not immediately clear where the cuts would come from, but the
, citing a person familiar with the matter, said the cuts would likely come from the operations side of the business.
Bear cut 310 jobs in its mortgage business in October.
Like many of its Wall Street peers, Bear Stearns has endured massive hits due to the ongoing credit and subprime mortgage crises. Earlier this month, Bear said it would take a
$1.2 billion writedown in the fourth quarter, due to exposure to mortgage-related securities. Earlier in the year, the bank took a $200 million loss related to two internal hedge funds that were beset by margin calls amid the summer's credit crunch. It also booked $700 million in writedowns related to mortgage assets and private-equity loan commitments that lost value during the summer.
Similar troubles led to huge writedowns and the ousters of CEOs at rivals