Posted by Dave Chappelle , Sep 06, 2007 12:48PM

Nothing on the Lehman mortgage layoffs yet?

The name is Janulis, though.

=DJ UPDATE: Lehman Restructuring Mortgage Ops, Cutting 850 Jobs Page 1/2

DOW JONES NEWSWIRES
Lehman Brothers Holdings Inc. (LEH) announced a restructuring in its
residential mortgage operations that will entail cutting 850 jobs and
shuttering its Korean operations.
The move comes as the Wall Street brokerage - along with numerous other
mortgage lenders, underwriters and investors - adjusts to the ongoing turmoil
in the credit markets, caused by sharp climbs in subprime mortgage
delinquencies and foreclosures. That has caused a sharp curtailment in investor
demand for mortgages and mortgage-backed securities.
Lehman, a leader in Wall Street firms' push to have their own home-lending
business, said it is cutting back its U.S. and U.K. operations "due to market
conditions and product revisions." Two weeks ago, Lehman shut down its
subprime-lending division, resulting in a loss of 1,200 jobs, or 4.2% of the
company's total work force.
Lehman, which is the largest underwriter of mortgage-backed securities, has now cut some 3,300 positions in its residential mortgage units since the beginning of the summer.
"While these moves are extraordinarily difficult because of the impact they
have on our people, we now have a business that is sized correctly for the
current environment and positioned for long-term success," said Ted Janulisk,
who oversees Lehman's mortgage business. The latest job cuts will result in
charges of under $20 million.
Lehman also announced its residential mortgage origination and servicing
businesses around the world will be rebranded as Lehman Mortgage Capital.
Shares of Lehman were recently down 88 cents, or 1.6%, to $53.47.
-By Kevin Kingsbury, Dow Jones Newswires; 201-938-5963

(END) Dow Jones Newswires