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After talk that Barclays would keep many Lehman Brothers employees on after buying the bankrupt firm's broker-dealer business, the AP reports the British firm "announced Monday that Lehman Brothers has begun to re-open for business under the ownership of Barclays Capital." However, according to the Post, "about 10,000 Lehman employees of the units that Barclays is buying were sent letters stating there will be no guarantees they will keep their jobs" and many are being interviewed. More: New York magazine has an article about a Lehman trader coping with "income shrinkage" and the Sun finds the NYC pension fund "lost $200 million since June from the collapse" of Lehman, Merill Lynch and AIG.
Barclays to Retain About 10,000 Lehman Employees
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Those Mariachi guys piss me off when you enter a mostly silent subway car.
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thanks for being 1 week late on the story
I think last week's stories about Barclays saving Lehman said up to 10,000 jobs will be saved...now Barclays ONLY RECENTLY officially came out and said they will offer jobs to more than 10,000 employees.
NOOOO. All those Lehman guys should fry. I hope the jobs they offer them are cleaning jobs.
They got eachother's back. I think we all should have learned that by now.
The only backs they don't have are ours.
Why should those Lehman guys fry? Did you read something bad about investment banks in a Michael Moore book, in lieu of an education?
Culture differences aside, those Lehman guys should suck it up and embrace their new owner. Everything's changed anyways: Morgan and Goldman are out of the wildcatting business so they aren't missing any action at Barclays...and most of these dekes should switch to tea anyway.
I wonder if investment banking jobs will ever be as attractive as they were before the credit crunch. My feeling is that the events of the last two weeks have shaken the confidence of prospective investment bankers across the world, and it will be a while before they're willing to gamble their careers at the sharp end of the financial services sector.
If you'd like to read more about recruitment in the financial services, take a look at the FreshMinds Talent Blog here.
Thanks,
Charlie