JPMorgan will slash its public finance department by 10% to 15% as it combines operations with Bear, Stearns & Co., a source familiar with the merger said yesterday.

The leaner firm will take about 45 people from Bear into its public finance department while laying off about 70 existing JPMorgan employees for a net loss of 25 people out of approximately 170, the source said.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.