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PwC axes jobs at Lehman Brothers

PricewaterhouseCoopers has announced that following a review, it has made 750 employees of Lehman Brothers redundant with effect from today.

Following the appointment of PwC as joint administrators to Lehman Brothers International and Lehman Brothers Limited on 15th September 2008, it has confirmed that a restructuring of the business was necessary and axed 750 jobs.

Commenting, PwC’s partner, Tony Lomas, says: “It is extremely disappointing that despite exhausting all avenues these jobs could not be saved. As we move into our third week, we continue to be focused on maximising the value of recoveries for creditors, while minimising the impact on other stakeholders as much as possible”.

He adds that in the coming days arrangements are being made to ensure the individuals affected by this have the opportunity to attend a one-to-one meeting to discuss how this impacts them personally.

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