Tag: Lehman Brothers

Ernst & Young in lawsuit over Lehman collapse

Ernst & Young in lawsuit over Lehman collapse

London-based accountancy giant, Ernst & Young, is being sued by New York’s attorney general over the collapse of the investment bank Lehman Brothers. Lehman Brothers collapsed in September 2008, which then led to a crisis that swept through global financial markets. It has been claimed that Ernst & Young used an accounting method known as [...]

December 22, 2010 | 0 Comments More
JP Morgan acquires London HQ from Lehman

JP Morgan acquires London HQ from Lehman

US banking giant JP Morgan has acquired the former Lehman Brothers building in London’s Canary Wharf and it is set to become the bank’s new European headquarters. The 1.1m square feet tower, located at 25 Bank Street, has been bought by JP Morgan for £495 million, and will put an end to speculation that the [...]

December 20, 2010 | 0 Comments More
Barclays Capital announce several hundred redundancies

Barclays Capital announce several hundred redundancies

Barclays Capital, the investment division of banking giant Barclays, is to slash around 400 back-office jobs in the US, Europe and Asia, a source familiar with the matter has said. The job losses come following Barclays’ expansion of its investment-banking unit, driven by the bank’s purchase of Lehman Brothers North America operations at the height [...]

August 11, 2010 | 0 Comments More
Report reveals “accounting gimmicks” used at Lehman

Report reveals “accounting gimmicks” used at Lehman

Accountancy firm Ernst & Young (E&Y) has been criticised in a 2,200-page report over the collapse of Lehman Brothers, and could face legal action as a result. The report has accused E&Y of negligence, while senior management at the bank were said to be involved in “lazy accounting gimmicks” to conceal the fact that the [...]

March 12, 2010 | 0 Comments More
Credit Suisse and Nomura announce significant job losses

Credit Suisse and Nomura announce significant job losses

Struggling Swiss banking giant, Credit Suisse, has announced it is axing a further 5,300 jobs, with the majority of job losses in its investment banking division. The bank, which is one of the biggest casualties of the credit crunch and has been forced to write-off assets worth billions as a result of toxic loans, has [...]

December 4, 2008 | 0 Comments More
Jobs go in Merrill Lynch / BoA merger

Jobs go in Merrill Lynch / BoA merger

Last month, Merrill Lynch was quickly sold to Bank of America following the collapse of Lehman Brothers. The deal is expected to be finalised at the end of the year, however, around 500 jobs are said to be at risk as a result. Merrill’s chief executive, John Thain, said the job losses could be made [...]

October 21, 2008 | 0 Comments More
More jobs misery as UBS plans further 1,900 job losses

More jobs misery as UBS plans further 1,900 job losses

Switzerland’s largest investment bank, UBS, has announced it is to axe a further 1,900 jobs in its investment banking, equities and fixed income units. The news follows that yesterday from PricewaterhouseCoopers, administrators of Lehman Brothers’ European division, who said 750 workers are to lose their jobs with immediate effect. With regard to the job losses [...]

October 1, 2008 | 0 Comments More
Job losses at Lehman’s European division

Job losses at Lehman’s European division

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 [...]

September 30, 2008 | 0 Comments More
Jobs saved as Nomura acquires Lehman European operations

Jobs saved as Nomura acquires Lehman European operations

Japan’s largest brokerage house, Nomura Holdings, is to buy some of Lehman Brothers’ European operations. Nomura is to acquire Lehman’s investment banking and equities unit in Europe and said it will pay a ‘nominal’ amount for the operations. The deal, which subject to regulatory approval, comes just 24 hours after Nomura announced it was to [...]

September 23, 2008 | 0 Comments More
Nomura to acquire Asian operations of Lehman Brothers

Nomura to acquire Asian operations of Lehman Brothers

Japan’s largest brokerage house, Nomura Holdings, is to buy the Asian operations of Lehman Brothers. Standard Chartered and Barclays had also been interested in Lehman’s Asian assets, according to sources close to the matter. Banking giant Lehman Brothers went bankrupt last week and British bank Barclays has already acquired its US investment banking and capital [...]

September 22, 2008 | 0 Comments More
Morgan Stanley holds talks with Wachovia and CIC

Morgan Stanley holds talks with Wachovia and CIC

According to Reuters, US investment bank Morgan Stanley is in talks with Wachovia and China Investment Corp (CIC) about a possible takeover or an investment opportunity. Last week, shares in Morgan Stanley plummeted after the collapse of Wall Street giant, Lehman Brothers, the rescue of US insurance giant AIG and Bank of America’s takeover of [...]

September 21, 2008 | 0 Comments More
Barclays announces fundraising plans for Lehman assets

Barclays announces fundraising plans for Lehman assets

Barclays, Britain’s third largest bank, has revealed plans for a £701 million share issue in a bid to finalise the acquisition of Lehman Brothers’ core assets. It is also planning to raise £600 million from existing shareholders. The combined £1.3 billion will allow Barclays to finalise the deal and boost the bank’s capital strength, which [...]

September 19, 2008 | 0 Comments More
Markets react to $180bn cash injection

Markets react to $180bn cash injection

Global markets have suffered over the last few days amid the collapse of Wall Street giant, Lehman Brothers, and the rescue of US insurance giant AIG, with many fearing that other financial institutions would suffer the same fate. US stocks increased in early trading today after Central banks from the UK, US, Europe, Canada, Switzerland [...]

September 18, 2008 | 0 Comments More
Lloyds TSB reveals HBOS takeover details

Lloyds TSB reveals HBOS takeover details

Lloyds TSB has revealed the terms of its £12.2 billion takeover of HBOS which could result in thousands of job losses. However, Lloyds has described the deal as a unique opportunity and values HBOS shares at 232p each. HBOS shareholders will receive 0.83 Lloyds shares for every HBOS share. There is speculation that the deal [...]

Barclays confirms interest in possible acquisition of Lehman Brothers assets

Barclays confirms interest in possible acquisition of Lehman Brothers assets

Yesterday saw the collapse of Wall Street giant, Lehman Brothers, which was forced to file for bankruptcy after announcing it had failed to find a solution to its problems after a weekend of rescue talks with Barclays and Bank of America. However, Barclays has confirmed it could now be interest in buying parts of the [...]

September 16, 2008 | 0 Comments More
Fears over insurance giant AIG

Fears over insurance giant AIG

Yesterday saw the collapse of Wall Street giant, Lehman Brothers, which was forced to file for bankruptcy after announcing it had failed to find a solution to its problems after a weekend of rescue talks with Barclays and Bank of America. In a bid to allay fears in the UK markets, the Bank of England [...]

Wall Street shares fall in response to Lehman collapse

Wall Street shares fall in response to Lehman collapse

Wall Street shares plunged today in response to the collapse of investment banking giant, Lehman Brothers. Black Monday sent shockwaves throughout global markets after the UK’s FTSE 100 index fell 3.92%, France’s Cac 40 index lost 3.78% while Germany’s Dax slumped 2.74%. HBOS, the UK’s largest mortgage lender, saw its shares plummet by 17.5% to [...]

September 15, 2008 | 0 Comments More
Wall Street crisis could threaten UK mortgage market

Wall Street crisis could threaten UK mortgage market

A crisis on Wall Street is likely to put further pressure on the UK’s frozen mortgage market, which had been showing signs of a thaw in recent weeks. Over the weekend talks to rescue investment bank, Lehman Brothers, ended in disarray and the 158-year-old institution is today filing for bankruptcy protection. The bank is a [...]

Global markets fall amid Lehman uncertainty

Global markets fall amid Lehman uncertainty

Within the first few minutes of trading today, the London Stock Exchange opened down 2.5% following the uncertainty surrounding Lehman Brothers, the fourth largest investment bank in the world. The 158-year-old financial institution is filing for bankruptcy protection after announcing it had failed to find a solution to its problems after a weekend of rescue [...]

Standard & Poor: Banks should prepare for second wave of credit crunch losses

Standard & Poor: Banks should prepare for second wave of credit crunch losses

Credit rating agency, Standard & Poor, has warned that a recovery in the banking industry is at least a year away. According to the agency, US and European banks are entering a second phase of credit crunch related losses. The warning comes as investment bank, Lehman Brothers, had its forecast slashed by analysts after predicting [...]

August 21, 2008 | 0 Comments More