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LEHMAN BR HOLDINGS : Talks fail to save Lehman jobs in Europ

luyckxj
01 oct. 200810:04

GLOBAL FINANCIAL CRISIS - LEHMAN BROTHERS
Talks fail to save Lehman jobs in Europe
By Chris Hughes in London

Published: September 30 2008 20:25 | Last updated: September 30 2008 20:25
Lehman Brothers’ European fixed-income division is to be wound down with the loss of 750 jobs after talks to find a buyer for the division foundered.

Bidders failed to agree on how to co-operate with administrators on the liquidation of the rest of the failed investment bank.

PwC, the administrator to Lehman’s European business, had been in talks with Nomura, the Japanese bank, and another party over the past week in the hope of securing a deal following last week’s agreement by Nomura to buy Lehman’s equities and corporate finance businesses in the region.

Tony Lomas, partner at PwC, said: “It is extremely disappointing that despite exhausting all avenues these jobs could not be saved.”

The departing staff will be paid until the end of September. Claims for severance, accrued bonuses and unpaid expenses will rank alongside other Lehman creditors.

The remaining staff will assist PwC in unwinding Lehman’s extensive positions.

A person familiar with Nomura’s thinking said the bank had walked away from a deal because PwC had expected it to acquire the entire fixed-income business while insisting on continued assistance with the ongoing administration. A deal would also be deemed risky and had burdensome regulatory capital requirements, the person added.

The failure to find a buyer for the European fixed-income division is a blow in view of the sale of Lehman’s entire US investment banking business to Barclays two weeks ago.

Mr Lomas on Tuesday said he would ensure the Financial Services Authority would be kept abreast of the degree of assistance provided by Barclays and Nomura with PwC’s ongoing task of winding down Lehman’s financial positions.

“Because Lehman’s US business has been acquired by Barclays and [most of the European business] by Nomura, it is important to the administrators that those institutions act responsibly,” he said.

“So that we can wind down [Lehman’s] positions and assets in an orderly way we need their co-operation and a stable IT environment.”

The Financial Times Limited 2008

Source:
http://www.ft.com/cms/s/0/8e1ef534-8f24-11dd-946c-0000779fd18c.html

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