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March 11, 2008

Lehman Brothers cuts London jobs

by Gill Montia

Story link: Lehman Brothers cuts London jobs

Investment bank, Lehman Brothers, is reducing staff numbers by around 5%.

It is understood that the bulk of the 1,425 job losses will be made throughout the bank’s US operations.

However, Lehman Brothers has its European headquarters at Canary Wharf and London will come second to the US in terms of job losses.

The bank has not ruled out the possibility of further jobs losses in the City, should Europe follow the US into a marked economic slowdown.

Recruitment analysts estimate that the London the banking sector has shed 2,500 jobs since the start of 2008, and a further 10,000 are expected to go by the end of the year.

So far this year, Citigroup has cut 400 staff in London; Bank of America, 650; Deutsche Bank 120 and Credit Suisse 150.

Meanwhile, UBS and Goldman Sachs have each reduced staff by around 1,500 globally, with many of the redundancies made in the UK.

Estimates for global job losses from Citigroup, the world’s largest bank, have risen to 30,000 over the next year and a half, because of increasing writedowns from sub-prime related debt.


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