Barclay's (BCS) May Cut 5,000 Lehman (LEH) Jobs
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Today, Bloomberg had a report that said Barclays PLC (NYSE: BCS) may cut up to 5,000 jobs at Lehman Brothers (NYSE: LEH).
The estimate was based on the $2.5 billion Barclays set aside for severance and retention costs. That would mean half the Lehman employees transferred to Barclays may be let go. Barclays, which paid $1.7 billion for the business, said it will decide in three months who will be offered permanent positions.
The $2.5 billion Barclays set aside could cover costs associated with cutting as many as 5,000 jobs or as few as 2,500, depending on the pay level of the people involved, according to estimates by Boyden Global Executive Search.
The New York Post reported eight of Lehman's top employees were guaranteed two-year contracts ranging between $10 million and $25 million a year. Neither Lehman or Barclays confirmed or denied that rumor.
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