Bear Stearns Co. announced 300 job cuts on Tuesday. The staff reductions will impact employees working in various units throughout the company.

A Bear Stearns representative released a statement to DSNews.com about their decision on Tuesday.
In the statement, the company said, “As part of our year-end planning process, we are working to deploy our resources in areas where growth opportunities are greatest and to reduce costs in areas that can no longer justify their current level of infrastructure. Accordingly, we are reducing our headcount by approximately 300 people in various business units at all levels of the organization. We will continue to act prudently to rationalize our business, monitor staffing needs and align infrastructure with current market conditions. We will also continue to add the talent necessary to execute on our strategy to further grow our business both domestically and internationally.”