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Different media outlets report that investment bank Lehman Brothers will cut anywhere from 1,000 to 1,500 jobs, about 5-6% of its 26,200 workforce. Dealbreaker reports that there have been rumors of layoffs for the past few weeks, and, per Bloomberg, "Lehmanites will hold on to their jobs for a little longer, at least until Lehman announces its third-quarter financial results." Lehman has already cut 4,000 jobs this year. Earlier this week, the NY Times' Andrew Ross Sorkin wrote "When will Lehman Brothers die?", given its financial situation, but suggested "it may be too important to fail" because its chief Richard Fuld Jr. is on the board of director of the Federal Reserve Bank of NY.
Lehman Brothers Plans More Layoffs
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They have to find a way offset the cost of running those huge digital displays they have across there building.
Lehman is moving some jobs to NJ. They received $20 million in tax breaks to do it. The company may be sold soon too.