Lehman Brothers UK staff: Update

Most of Lehman Brothers 4,500 UK staff are likely to lose their jobs after the collapse of the American Investment bank, it was also reported yesterday that it is unlikely that they will be paid their monthly salary on Friday.

As PricewaterhouseCoopers were called in to wind down the bank in Europe, there was bitter resentment among the UK staff. Although, it’s been said that Lehman employees in New York are likely to receive redundancy packages, the UK staff will be left high and dry.

Lehman Brothers take cash from its holding companies to its central function every night and advances it every morning, as this didn’t happen on Sunday night. The staff knew there would be no kitty to pay the wages in Europe this week as there had been no money forwarded on Monday. It’s likely that the UK staff will not receive their usual yearly bonus this year.

Read the full article in the telegraph