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Lehman bankers not redundant yet

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Who in their right mind would still be doing business with Lehman right now?  Read all comments »

Erase those visions of Lehman bankers departing Canary Wharf with all their possessions in an Iron Mountain box. It sounds like Bob Diamond might be giving them a reprieve.

According to CNBC, Bob’s interested in the bits of Lehman’s European operations that don’t overlap with BarCap – specifically Lehman’s cash equities and ECM businesses, where he, “wouldn't want to miss the opportunity to add some of the talent from the UK and Europe to that (U.S.) team."

Barclays’ move comes amidst confusion over whether Lehman’s London bankers really have been made redundant. Technically, they haven’t according to one Lehman insider.

“The company is still operational while it’s being wound down, so people haven’t been made redundant yet,” he says. “But the reality is that post the end of September, Lehman probably won’t need very many people at all.”

He adds that Lehman staff are still on the payroll and are still expecting to be paid for September, but that it may not happen this Friday as previously expected: “The payroll will come, but it might be a bit late.”

COMMENTS

edvard,  Wed 17 Sep 08

Who in their right mind would still be doing business with Lehman right now?

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Anthony, Capital Markets,  Fri 19 Sep 08

Why don't you spell "Diamond" correctly before publishing a document?  His name is Dimond.

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Sarah, Editor, eFinancialCareers, HR & Recruitment,  Fri 19 Sep 08

I've just checked on the Barclays website and the correct name is actually Robert E. Diamond Jr. so we've got the surname right but have annotated the rest.

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