Following Lehman Brothers’ filing for Chapter 11 bankruptcy on September 15, the bank's failure has hit its employees hard, with further redundancies announced earlier this week.The bank announced 750 job losses as part of the restructuring of its businesses under the administration of PricewaterhouseCoopers in London.
Most of the redundancies fell in the fixed income division with others in the personal investment management team - the bank refused to give exact figures. All job losses were effective from the day of the announcement, September 30, and are from teams based in the UK and overseas.
Job cuts in the financial sector have become increasingly common in recent weeks, as the global credit crisis moved into its second year. HSBC cut 1100 jobs in its investment banking division on September 25, and earlier in the month Calyon announced 500 jobs would go as it pulled out of the structured credit and derivative markets.
Meanwhile, UBS refused to comment on media speculation that it would soon make further substantial job cuts globally, especially in its investment banking business. The bank announced in May that it would cut 5,500 jobs over the next 12 months, including 2,600 in investment banking.
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