Job losses at Lehman’s European division

| September 30, 2008

PricewaterhouseCoopers (PWC), which was appointed as the administrators of Lehman Brothers’ European division, have announced that 750 workers are to lose their jobs with immediate effect.

PWC said the bulk of the losses will be made at the Canary Wharf offices in London and said all avenues have been exhausted and the jobs could not be saved.

Most of the job losses are in the fixed income division, however, some workers from Lehman’s personal investment team will also be axed.

Lehman Brothers, the fourth-largest investment bank in the US, collapsed two weeks ago and its US investment banking unit was bought by Barclays, while Japanese bank, Nomura, bought some of Lehman’s European and Middle Eastern operations.

PWC is still seeking a buyer for Lehman’s asset management business.

The collapse of Lehman, which was founded 158 years ago, has resulted in a wave of problems across the globe.

The US are currently in negotiations with regard to a $700 billion (£380 million) bailout plan. The plan was rejected late last night, however, President George W. Bush has renewed calls for Congress to support the deal.

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