NEW YORK (Reuters) - Bear Stearns' two top economists David Malpass and John Ryding will not join J.P. Morgan, which is in the process of acquiring Bear, a source familiar with the situation said on Friday.

It is not known whether Malpass and Ryding have accepted positions at another company, according to the source.

A J.P. Morgan spokesman declined to comment.

On Thursday, Bear Stearns for less than $10 a share.