Barclays May Eliminate 5,000 Lehman Positions in Three Months
Started by stevejhx
over 17 years ago
Posts: 12656
Member since: Feb 2008
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Sept. 23 (Bloomberg) -- Barclays Plc, the U.K. bank that bought parts of Lehman Brothers Holdings Inc.'s U.S. businesses, may cut as many as 5,000 jobs at the bankrupt company, Wall Street recruiters said. The estimate, based on the $2.5 billion Barclays set aside for severance and retention costs, would mean half the Lehman employees transferred to the London-based company may be let go.... [more]
Sept. 23 (Bloomberg) -- Barclays Plc, the U.K. bank that bought parts of Lehman Brothers Holdings Inc.'s U.S. businesses, may cut as many as 5,000 jobs at the bankrupt company, Wall Street recruiters said.
The estimate, based on the $2.5 billion Barclays set aside for severance and retention costs, would mean half the Lehman employees transferred to the London-based company may be let go. Barclays, which paid $1.7 billion for the business, said it will decide in three months who will be offered permanent positions.
``They've paid for the right to choose through the ranks who they really want,'' said Jo Bennett, a partner at executive search firm Battalia Winston International in New York. ``They'll look at overlaps, decide whether they want to stay in all the businesses Lehman was in.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=a6gVGhNJ3N8s&refer=home[less]
Response by Rasporta
over 17 years ago
Posts: 6
Member since: Sep 2008
What was the point of posting this?
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
Wall Street had a direct and specific effect on the market going up (particularly since employees bought 30% or so of Manhattan apartments, per the Times), and the number of job losses has been a frequent topic around here. Another 5,000 layoffs from Wall Street will have a definite impact on the RE market...
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Response by Patrick_Bateman
over 17 years ago
Posts: 57
Member since: Aug 2008
Lehman's headquarters now has "Barclay's Capital" emblazoned on the LED screens that adorn the outside of the building. Bright blue, but you can still see the screen burn from the Lehman "Where Vision Gets Built" imagery. Saw it during my lunch break. Oddly enough, the remnant Lehman employees still have Lehman security badges.
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Response by Rasporta
over 17 years ago
Posts: 6
Member since: Sep 2008
yc10022
about 1 hour ago
ignore this person
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Wall Street had a direct and specific effect on the market going up (particularly since employees bought 30% or so of Manhattan apartments, per the Times), and the number of job losses has been a frequent topic around here. Another 5,000 layoffs from Wall Street will have a definite impact on the RE market...
Um, yeah, and so why was this posted? Like we don't all know the obvious?
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
> Um, yeah, and so why was this posted? Like we don't all know the obvious?
1) Not everyone does know the "obvious" it seems
2) This was *new* info on the issue, already well discussed
3) There were claims that all the Lehman jobs would be saved by Barclays... and this shows otherwise...
If you don't care about the news, don't read it, and don't reply to it.
What was the point of posting this?
Wall Street had a direct and specific effect on the market going up (particularly since employees bought 30% or so of Manhattan apartments, per the Times), and the number of job losses has been a frequent topic around here. Another 5,000 layoffs from Wall Street will have a definite impact on the RE market...
Lehman's headquarters now has "Barclay's Capital" emblazoned on the LED screens that adorn the outside of the building. Bright blue, but you can still see the screen burn from the Lehman "Where Vision Gets Built" imagery. Saw it during my lunch break. Oddly enough, the remnant Lehman employees still have Lehman security badges.
yc10022
about 1 hour ago
ignore this person
report abuse
Wall Street had a direct and specific effect on the market going up (particularly since employees bought 30% or so of Manhattan apartments, per the Times), and the number of job losses has been a frequent topic around here. Another 5,000 layoffs from Wall Street will have a definite impact on the RE market...
Um, yeah, and so why was this posted? Like we don't all know the obvious?
> Um, yeah, and so why was this posted? Like we don't all know the obvious?
1) Not everyone does know the "obvious" it seems
2) This was *new* info on the issue, already well discussed
3) There were claims that all the Lehman jobs would be saved by Barclays... and this shows otherwise...
If you don't care about the news, don't read it, and don't reply to it.