The administrators of Lehman Brothers say 750 employees at the collapsed investment bank have been made redundant.
Administrators Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis from PricewaterhouseCoopers made the announcement today.
The redundancies come from jobs at Lehman Brothers International and Lehman Brothers Ltd, both European based.
Lomas said: “It is extremely disappointing that despite exhausting all avenues these jobs could not be saved.
“As we move into our third week, we continue to be focussed on maximising the value of recoveries for creditors, whilst minimising the impact on other stakeholders as much as possible.”
Lomas said arrangements were being made to ensure the affected staff can attend a one on one meeting to discuss how the redundancies impact them.
Last week, media reports said Lehman Brothers’ London investment bank division could be sold in a move that would save a large number of its 5,000 Canary Wharf staff.
The administrators had received three ‘credible’ bids for the division from Barclays, Japanese bank Nomura and French bank BNP Paribas.
