(Mean reversion, even to minutia.)
Bear Stearns Tells Employees Dress Up -- Dot-Com Boom Is Over
by Tom Cahill
09/17 12:52
New York, Sept. 17 (Bloomberg) -- Bear Stearns Cos. wants employees to suit up or ship out.
Two years after adopting a casual dress code at the height of the dot-com boom, the sixth-largest U.S. securities firm has reversed course and will require workers to don ``formal business'' attire, according to an e-mail sent to employees today.
Several Wall Street firms are tightening belts on dress policies after loosening up to keep staff from bolting to Internet companies where staffers have been allowed to wear open-necked shirts and khaki pants. Lehman Brothers Holdings Inc. ordered employees to return to business dress in February as did the Deutsche Bank AG's global markets group last month, which asked workers to put a lid on ``clubbing attire.''
``It is important, particularly in these difficult economic times, that every aspect of our business, including our dress, reflect our ongoing commitment to our clients and our business,'' said the Bear Stearns memo, sent from the company's management and compensation committee. It said a casual dress policy was introduced two years ago to ``adapt to changes that took place in our industry and the business community we strive to serve.''
Effective Sept. 30, men will be required to wear a suit and a tie. For women the policy is ``a suit with either a skirt or slacks, a dress or other equivalent attire,'' the memo said. While Bear Stearns said it will continue to allow ``casual dress'' on Fridays, sports jackets are now required for men.
To ease the transition, clothier Brooks Brothers Inc., which has a store directly across the street from Bear Stearns headquarters on Madison Avenue and 44th Street, tomorrow will stay open an extra hour to host a wine, cheese and shopping event with discounts of 20 percent for Bear Stearns employees.
``Bear Stearns moving back to formal marks a big turnaround, but now that the dot-com craze is over many people are getting formal on their own,'' said Geri Corrigan, a spokeswoman for Brooks Brothers Inc. ``People are more serious. They want to look sharp.''
Bear Stearns' e-mail made clear that dressing down may not be a good career move. ``Supervisors should speak to employees who fail to adhere to the guidelines,'' the memo said.
Last year, Bear Stearns slashed 830 jobs, or 7.5 percent of its workforce, the biggest cuts in the company's history, as mergers and advising work plunged. Overall, Wall Street securities firms have cut more than 54,000 jobs since March 2001.
``The memo speaks for itself,'' said Elizabeth Ventura, a spokeswoman for Bear Stearns. |
