PwC announces 2,500 Lehman staff to keep jobs

News Article - 24 September 2008
Category: Business

Roughly 2,500 staff at Lehman Brothers will not go out of work after a deal was struck on the company's UK and European investment banking and equities businesses.

PricewaterhouseCoopers (PwC), which has been administering the company, announced that Nomura, Japan's largest securities broker, will buy the assets for an undisclosed sum.

Nomura had previously helped its business growth by agreeing to the purchase of the investment bank's Asia-Pacific operations.

Dan Schwarzmann, PwC joint administrator and partner, said that after intense activity in the past week, which was supported by PwC teams and Lehman's employees, the company was delighted to confirm the sale.

"This sale, which is conditional on a number of issues, means the continuing employment of around 2,500 Lehman's staff, a vast number of whom have been working with us to get this unprecedented deal done."

Nomura experienced a climb of almost three per cent on the Tokyo stock market after the news was made public.

Article keywords: business growth, lehman brothers, banking

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