View more on these topics

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.

Recommended

New transfer deal for UK pensionholders

New Zealand-based pensions transfer service Offshore Pension Services is looking to launch a new scheme enabling individuals residing outside the UK to transfer their UK-registered pension scheme anywhere in the world.

The best defence

Defensive is a word being bandied about by a lot of investment people in these crazy market days but the definition appears about as changeable as what classifies a value or growth stock.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment