Administrators Axe 750 Jobs at Lehman Brothers in UK
Administrators PricewaterhouseCoopers have today given Lehman Brothers 750 workers in England their redundancy notices "with immediate effect".
The financial institution is set to be sold for US$2.15 billion after filing for bankruptcy in the US.
Administrators at Lehman Brothers' British operations announced 750 job cuts at the bankrupt investment bank Tuesday.
PriceWaterHouseCoopers spokeswoman Emma Thorogood said most of the jobs lost are in Britain, but a handful of European jobs have also been cut. The losses are in the bankrupt bank's fixed income and personal investment management sections.
"It is extremely disappointing that despite exhausting all avenues these jobs could not be saved," PWC partner Tony Lomas said in a statement.