September 15, 2008 Many worried as Lehman Brothers collapses Play video

(NECN: Brad Puffer, Boston, Mass.) - Investment bank Lehman Brothers has filed for bankruptcy protection after 158 years in business. That comes along with the news of a deal that will result in the sale of Merrill Lynch to Bank of America.

That news from Wall Street is being felt in Boston, Massachusetts.

The Boston Globe reports that employees who work at the local office were seen leaving the building with boxes on Sunday night.

Police were even called to the High Street facility by a security guard concerned about the number of people trying to enter. A department spokesman says police responded, but decided the situation did not warrant police action and there were no arrests.

Lehman Brothers, burdened by $60 billion in soured real-estate holdings, filed a Chapter 11 bankruptcy petition after attempts to rescue the 158-year-old firm failed.

Massachusetts Secretary of State William Galvin says the firm's downfall will have local and national impact.

*Material from the Associated Press used in this report*