Around 2,000 City jobs to go this week

by Gill Montia

Story link: Around 2,000 City jobs to go this week

Over 2,000 finance jobs in the City of London could go this week.

Lehman Brothers’ administrators, PricewaterhouseCoopers (PWC), has already handed redundancy notices to 750 staff.

The employees affected work at the bank’s fixed income division, which PWC has been unable to sell.

Meanwhile, Swiss investment bank, UBS, is reported to be on the brink of cutting several hundred London-based jobs as it reduces the headcount of its investment banking, equities and fixed income divisions.

PWC has expressed its disappointment at being unable to find a buyer for Lehman’s fixed income business but says it is hopeful of securing a buyer for Capstone, the group’s mortgage servicing operations, within a month or so.

When Lehman Brothers filed for Chapter 11 bankruptcy protection a little over a fortnight ago, it employed around 4,500 staff in the UK.