?Shock and awe? got financial this weekend as the news of Lehman Bros. and Merrill Lynch trickled down the grapevine to their employees. Employees harassed by the media on their way to lunch, etc. Monday, spoke of a stunned and chaotic atmosphere at the once-great companies, especially at Merrill Lynch, whose sell-out had not been expected at this time. Some employees were philosophical about the fate of the companies, saying its just a part of the business, but many more expressed great anxiety. The status of most employees is as-yet-to-be-determined but it is likely that both companies are facing layoffs. In all likelihood, many will find themselves conducting new job searches soon, up against a highly competitive market of their one-time colleagues.
See "Lehman Bros., Merrill Lynch employees anxious about future", Geraldine Baum, Matea Gold, Walter Hamilton, Los Angeles Times, September 16, 2008