Bear Stearns & Co. Reviews

Pros

Bear Stearns provided you with the flexibility and freedom to perform your duties as you saw fit. You had just better be right. They trusted their managers and their employees but they monitored them closely to make sure everyone was doing the right thing. Management generally maintained close relationships with the people that worked for them, allowing those employees to voice their concerns and suggestions in a free environment without fear of retribution.

Cons

It used to be that Bear prided itself on its PSD's and not its MBA's. That changed in recent years as MBA's became more prevalent and they just hired more MBAs. It became very difficult to work your way up the ladder. Their pay was great at high levels but not as competitive as the rest of the street. As a result, I think they ended up training a lot of people only to see them go out to the street.

Pros

The environment was extremely laid-back yet very productive. A great thing is that most managers were completely hands out, which inspired subordinates to follow suit.

Cons

There was not a premium put on being creative. In fact, falling in line with the status was seemingly better for your career. The pay was very low compared to similar positions at other financial institutions.

Advice to Senior Management

Encourage creativity and risk taking.

Pros

The people. Was always a strong degree of camraderie in the organization. Given the flexibility to run your unit a a mini-business within the business as long as you operated professionally and withthe best interests of the firm as your guide. Work was both challenging and rewarding, both in stature and compensation.

Cons

The firm's growth led to a geographic dispersion of employees over multiple sites. This detracted from the "family" atmosphere as communications suffered to a degree.

Advice to Senior Management

Well, this is all water under the bridge but management should have managed leverage better and not gotten caught up with "keeping up with the Joneses".

Pros

Close to subway which was great.

Cons

cliques decide who gets promoted.

Pros

Flat organization where you can make something happen if you are willing to push. Can be highly rewarded for your contributions.

Cons

If you are not someone's "pet" it is difficult to get things done. Everyone wants to challenge, sometimes people seem to think that they are rewarded for being obnoxious.

Advice to Senior Management

Need to open the organization to new ideas and new blood. People should not be in the same job for life.

Pros

Great place to work. There was a family atmosphere among groups. There was loyalty to the company. Free transportation to the city.

Cons

No paper cliips, no rubber bands, no credit union. Bonus could be better. Promotions could come more often. No longer around

Advice to Senior Management

Management was ok but some of the managers forgot how they came managers and treatted others beneath like they were not worthy.

Pros

Family atmosphere and a great team spirit..we worked for each other not simply for the firm.

Cons

Lack of liquidity. Run on the bank.

Advice to Senior Management

Cash is King.

Pros

My direct managers and supervisors were incredibly helpful and treated their employees well. My ideas/concerns were always taken into consideration.

Cons

There was not much room for upward mobility. Though this could have been because I was in a department that cost the bank money as opposed to making it money

Advice to Senior Management

My advice to management would now be a waste seeing as the firm was acquired in early 2008 during the financial crisis

Pros

- outstanding pay and bonuses
- projects empowered by management with funding and people
- great pride in achievements
- nice perks

Cons

- lots of informal chains of command
- very little transparancy outside business unit
- major silos of redundant functions

Advice to Senior Management

- increase transparancy between business units
- encourage cross divisional cooperation
- embrace shared services across divisions
- de-ice the culture for newcomers

Pros

People were good to work locally
Starting pay was usually commensurate with the industry

Cons

Compensation was always an issue - bonus' were very meek to IT staff even in good markets and raises were not granted - all pay treatment was done as bonus
No 401K match
No pension -profit sharing and that was not very good either
Frequently changing benefit providers
Bonus' were mostly distibuted based on who you knew rather than what you did
They often made rules but when a senior exec challenged a rule when trying to enforce it they would rarely if ever back local managers
Some staff at some sites were outsourced and others were not, also done based on popularity of the local site managment with NY

Advice to Senior Management

Develop skills for managing IT with the business side of the compnay so they will buy into projects and establish rules that can be universally implemented