More than a third of Bear Stearns’s London office staff are expected to leave the troubled investment bank after it was bought by JP Morgan. Daily Telegraph

Sources close to JP Morgan said the bank had sent representatives to Bear Stearns yesterday morning to brief the bankers and trading floor on its plans for the 1,400 staff Bear employs at Canary Wharf.

Tony Best from JP Morgan and Michel Peretie, chief executive of Bear in Europe, addressed two groups of Bear staff. Sources said there was no mention of redundancies, or which businesses the bank planned to keep. Instead, JP Morgan had begun a 'factfinding' mission to decide what to do with each of the divisions.

JP Morgan chief executive Jamie Dimon has indicated he is keen to keep Bear’s energy and prime brokerage arms.