JP Morgan is likely to spin off or liquidate substantial portions of Bear Stearns Asset Management, according to chief executive Jamie Dimon, who expects the acquisition of stricken US bank Bear Stearns to close within weeks.
Dimon told a UBS investor conference on Monday that he expected the bank would close down "big parts of Bear's asset management business", according to a Reuters report, which added that Dimon expects charges of $300m (â¬194m) in the second quarter as a result of closing down the divisions and maintaining Bear's brokerage business.
