Fate of 2500 employees in Lehman Brothers (India) uncertain
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September 16th, 2008
MUMBAI: Financial services powerhouse Lehman Brothers’ move to file for bankruptcy will impact its Indian operations where several of its employees are now scouting for new jobs in the financial sector.
Most of the employees in the investment banking segment of the company have started approaching other firms for jobs even as some of the staff have been shown the door in the wake of the bankruptcy announcement. Lehman is also likely to shut down its back office operations in the country.
Lehman, which has investments of over $2 bn in India, has close to 175 employees in its core investment banking office in the country. According to banking industry sources, the firm has told its staff to clear up their personal belongings from the offices while some of the employees were informed that they had lost their jobs….
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Source: The Economic Times
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