Lehman to cut 1,500 jobs
Friday, August 29th, 2008Lehman Brothers, the ailing Wall Street I-bank, is cutting up to 1,500 jobs in the face of the ongoing credit crisis. Not surprising as Lehman made the biggest bets in subprime during the boom and has massive exposure to further losses on its loan portfolio.
From the Wall Street Journal (subscription req’d):
An investment bank announcing layoffs in the current capital-market slump may not raise a lot of eyebrows.
But in the case of Lehman Brothers Holdings Inc. such news might carry a bit more weight. The company has been struggling to keep up with the losses it had to take in marking to market its mortgage assets, and is in talks …
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Lehman to cut 1,500 jobs
