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750 Lehman fixed income professionals officially unwanted by Nomura

1 October 2008

Sarah Butcher

It’s bad news again, unfortunately, for Lehman’s fixed income professionals. Last week, it looked like they were being saved by Nomura for all of $2. But it now transpires that not only is Nomura not buying the business after all, but it only wants a handful of its employees.

Headhunters say only a few of Lehman’s fixed income professionals are being rehoused at the Japanese bank. “They’ve picked off key people,” says one. “It’s mostly just the product people. The back office, middle office, and sales guys aren’t going across. A lot are going to be out on the street.”

PricewaterhouseCoopers announced yesterday that 750 Lehman bankers are being let go in total after Nomura decided to pass on the fixed income operations. Nor does PWC expect another buyer to materialise anytime soon.

BarCap’s enthusiasm for picking up Lehman people has apparently cooled, with relatively few of them getting interviews at the UK bank.

Comments (12)

Now the party's over, it's time to clear out the dead wood and it's going to be nasty....

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Comments (12)

  • Like Alan Sugar says: "you're fired!....."

    Pietro 01 Oct 2008

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  • This is only a good thing. There have been far, far too many people employed in investment banking in recent years, to the point they've let in numpties from poorly ranked universities. A mass reduction in headcount going forward will make it an achievement to be a banker again, my comparative standing is massively improved.

    Henry 02 Oct 2008

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  • Have to agree with Henry on this. Dead wood everwhere you look! I used to work in IT support in several banks and you get to see what goes on. Most of the activity revolved around paperwork and chatting about last night's television! People had a sense of entitlement and took those jobs for granted. Some even arrived from overseas on a Friday and started on a Monday such was the volume of work to get through. All you needed was a pulse! Related industries and businesses like coffee shops and other retail establishment sprung up in the City and Docklands. Now the party's over, it's time to clear out the dead wood and it's going to be nasty....

    My own industry of IT had it's fair share of surplus staff as well!

    John 02 Oct 2008

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  • thank god henry is back

    BC 02 Oct 2008

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  • ...what would we do without him.

    Tarquin 02 Oct 2008

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  • All banks should reduce their headcount at least in line with their revenue drop this year (typically 30%) to ensure people's bonuses are not hurt.

    John - indeed, "dead wood" is the best way to describe the hoardes of pathetic people that have infiltrated investment banks. Bye bye.

    Henry 02 Oct 2008

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  • I have to agree here, the losers who came into the bank have been a major expense. Unfortunately Henry, bonuses are going be down / non existent regardless of cost cutting. Banking is so unstable!

    Ben 02 Oct 2008

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  • from a LBS alumni. there have been a number of hires from mediocre and questionable universities and some whom didn't even have a degree working at director levels in bulge bracket banks. I know many such people without decent credentials at the top. you know who you are. I think the bank needs to cull these people and make way for the top talent.I also think the indians and chinese (no disrespect) should have their visas refused and make way for british nationals (who might be of indian and chinese descent, I'm not being racist), but top prioroty needs to be given to british nationals first and foremost. we have plenty of talent.

    alan 03 Oct 2008

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  • TO ALAN : why priority has to go to Brits ? what r questionable Us ? i've worked w/ LBS MBA/MSc Fin grad & they r not as outstanding as those from Wharton/Chicago/INSEAD. so have u stayed & worked your life in the tiny Isles ?

    MD 04 Oct 2008

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  • To Alan Yesterday
    I am also a LBS alumni (although with a few other degrees). I come from France where we are use to judge people by their degree. No matter how good you are if you do not have the good diploma you are dead.
    I thought god bless UK this country is not like it...
    Looks like a few brainlessguys still exist. You might be a LBS alumni but it is the first time I feel ashamed of it. This school would likely spit on you if it were to read your comments and know your name.
    Be a nice guy : just drop the LBS name in your comments and put another name.

    SherKaan 04 Oct 2008

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