Lehman (LEH) Could Cut 6% of Workforce Ahead of Q3 Earnings -NY Times
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The New York Times is reporting that Lehman Brothers (NYSE: LEH) is planning to lay off up to 1,500 employees, or about 6% of its entire workforce, prior to its Q3 earnings announcement, which is expected out on September 15.
Citing a source who was already briefed on the plans, the NY Times believes Lehman is trying to place all of its toxic assets together in a separate unit while recapitalizing the investment banking arm with the proceeds of a sale of its Neuberger Berman asset management branch. The article calls this situation "ideal".
Lehman Brothers Holdings, Inc., through its subsidiaries, provides various financial services to corporations, governments and municipalities, institutions, and high-net-worth individuals worldwide.
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