Given that JPMorgan is widely expected to cut thousands of jobs from Bear Stearns, it comes as no surprise the bank is cancelling half of the offers made by Bear to college students and new graduates for internships and entry-level jobs.

Reuters notes about 250 students and graduates has been offered full-time jobs or summer internships before Bear was bailed out of its sure collapse by JPMorgan's government-backed takeover.

However, Reuters says, job and internship offers by Bear's asset management division will be honored. So will most offers from investment banking units focused on commodities, prime brokerage and merchant banking. Some fixed-income sales and trading offers will remain as well.

The consolation prizes, Reuters says: "Summer interns turned away by JPMorgan will be offered 10 weeks of pay if they work for certain nonprofit organization and will get an early chance to apply for fall positions."

For graduates: "(Those denied full-time jobs will keep their signing and relocation bonuses and will have access to career services."