Lehman Cutting 5% of Work Force

March 12th, 2008

Via: Reuters:

Lehman Brothers Holdings Inc, the Wall Street investment bank, is laying off 5 percent of its work force, or about 1,430 people, because of difficult market conditions, a person briefed on the matter said on Monday.

The cuts are being made across all divisions and regions, and employees affected are being notified on Monday, the person said.

Lehman employed about 28,600 people as of Nov. 30, 2007, according to the company’s most recent annual report.

The bank declined to comment.

Before Monday, Lehman had eliminated close to 4,000 jobs in the last year. Many were in mortgage operations, which have been hurt by the nation’s housing slump. Lehman is the largest underwriter of U.S. mortgage bonds, Thomson Financial said.

Posted in Economy | Top Of Page

One Response to “Lehman Cutting 5% of Work Force”

  1. Eileen says:
    March 13, 2008 at 2:19 am

    Too bad all the people from Lehmans 1,430 +4,000= 5,430 who lost their jobs couldn’t join up with the thousands laid off at Citibank, Countrywide etc and get Elliot Spitzer to represent them in a mass RICO, money laundering, fraud case against these “investment” banks.
    Maybe that was about to happen.
    In any case, what we’ll get instead is a world financial system collapse instead.
    We’ll be bailing water here in the US to revive or remake our financial system til about 2012 when the Mayan calendar ends and the planet Earth meets up with the Galatic Core.
    Blame this stupid, stupid, stupid collapse on the ALIENS.
    Not the PRECIOUS investment banks.

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