Lehman Brothers to cut up to 1,400 jobs
The mega Wall Street investment bank is poised to begin cutting up to 5% of the company’s 28,000-strong workforce next week, reported CNBC. No word from the company confirming the report but it wouldn’t come as a surprise. Lehman has taken aggressive head count-reducing steps over the past several quarters as it consolidated its mortgage divisions and more reductions to battle the effects of the credit crunch would be a reasonable capital-preserving strategy.
We’ll track this story as it develops.