Employee blogs the hammer falling on Bear Stearns

Following on from yesterday's post on the demise of Bear Stearns, PR News Online has provided a brief glimpse into what really happened inside Bear Stearns' New York City office this past weekend. An employee offers this insider's take on what was going of behind the scenes among the employees "when the hammer fell", in a similar vein to when employees of Yahoo! blogged about being fired:

"The morale and the attitude of Bear Stearns' workforce has always been a positive and familial atmosphere. The workers in general have always felt that there was a certain amount of stability within the conservative company which is often highly unusual in the competitive and volatile investment banking world of high finance. Last year, Bear Stearns experienced a financial loss for the first time, and it trimmed some of its workforce. Those who survived the cuts unknowingly experienced a false sense of security thinking the worst was over.

So, needless to say, when the hammer fell down hard this Friday it left many workers dazed, confused and wondering what happened. Saturday and Sunday, Bear Stearns was filled with numerous high-ranking officers and accountants and various heads of departments, all working diligently. The lobby and elevator banks have never been so busy on a weekend. When the news was announced that Bear Stearns was being bought out, there was an immediate shift in morale. Many people were seen leaving the lobby with boxes filled with personal items. Many workers, mostly support staff, were left wondering if their job would be there come Monday morning.

People tried to ease the tension with jokes, but one could sense the shock and disappointment that radiated throughout the halls. The biggest concern among the general workforce, mainly support staff, was—if they were to lose their jobs—would they be able to find another one when the economy is waning and most companies are in a hiring freeze? Often times when people read stories about layoffs and cutbacks, we see the numbers and forget that those numbers are people—and not those people at the top of organizations, but the single mothers and those individuals who live paycheck to paycheck.

The greatest tragedy in all this is not the collapse of a strong and established company, but the hundreds, if not thousands, of workers who stand a good chance in losing their livelihood when the merger is complete and the re-structuring begins. For most employees at Bear Stearns, all they can do now is "wait and see" and hope for the best."