Lehman Brothers Slashing 1,200 Jobs

Lehman Brothers, a well-known brokerage services firm, is poised to cut 1,200 jobs in the United States in the wake of the weakening US and global economy.

Most redundancies will be felt by employees in the mortgage business, investment banking and trading division.

The move is part of the cost cutting measures by the company, which also includes selling off some of their assets. The group’s asset management division, Neuberger Berman, which is also one of the primary subsidiaries, is said to be put on sale soon.

Lehman Brothers was founded more than 150 years ago by 3 brothers – Henry, Emanuel and Mayer, who migrated from German to United States, selling dry goods as their very first product. The business, products and services diversified and after more than a century, the company today has established itself as a leader in financial services with specialties in investment banking, research and trading, private banking and private equity.

Lehman’s global operation is based in New York, United States with major regional presence in London and Tokyo, as well as offices in numerous countries around the world. In mid 2008, Lehman was listed as the Top 5 Employers for New Graduates, alongside PricewaterhouseCoopers (PwC), Intel, Microsoft and L’Oreal.

With the new job cut, Lehman Brothers will increase the total job loss figure to 6,400 for the past 12 months.

Other posts you may want to read:

1. Lehman Brothers in World’s Largest Bankruptcy
2. AIG Employees Rescued by Bail Out
3. New York to Lose 40,000 Jobs
4. Goldman Sachs Ready for Record Bonus
5. Lehman Brothers’ x-Employees Go eBay
6. Best Companies in Global Finance Market
7. GM (UK) At a Brink of Collapsing
8. Banks – Will There Be Bonus?

Author's bio: Zul is the founder and principal contributor for the SKOR Career blog. He is the author of two books, The Malaysian Job Seeker's Dilemma and Buat Duit Tanpa Kerja Makan Gaji (How to Make Money Without a Job), available in major book stores nationwide. You can reach him at zulkiflimusa[at]gmail.com.