JPMorgan nixes some Bear Stearns' job offers

NEW YORK (CNNMoney.com) -- Many of those students that were expecting to start working for Bears Stearns this spring as either an intern or a full-time hire, are now finding themselves cut loose following the firm's dramatic near collapse last month.

JPMorgan Chase said Friday it had canceled a portion of the offers Bear Stearns made to students earlier this year, just weeks after it scooped up the troubled investment bank at a fire sale price.

JPMorgan declined to provide details on how many students would be affected, but noted that the rescinded offers would come both at the college and graduate-level.

A spokeswoman for the company said those students who had gotten full-time offers from Bear Stearns would still be entitled to their signing bonus and relocation fees they would have received and would be eligible for career placement services.

Those interns it was not able to hire could receive the 10 weeks of pay they would have received if they spend their summer working at a non-profit approved by the company.

JPMorgan added it would honor all of its own commitments made to students.

The high-profile purchase of Bear Stearns (BSC, Fortune 500) by JPMorgan Chase (JPM, Fortune 500), which has attracted the scrutiny of both Wall Street and Capitol Hill, has fueled plenty of speculation about how many jobs will be shed once the two firms combine.